On September 6, fuel prices are predicted to decrease. The cost of both regular gasoline and diesel has dropped significantly.
Prices for diesel and gasoline are expected to decrease by ₱1.50 to 1.70 per liter and ₱2.50 to 2.70 per liter, respectively.
The forecasts were derived from the Mean of Platts Singapore (MOPS) average trading activity between August 29 and September 2.
The change will take effect at 6:00 a.m. on a Tuesday, as is customary.
Oil firms raised the price of fuel and kerosene by ₱6.10 a liter last week, while the price of gasoline jumped by ₱1.40.
Net price increases since the beginning of the year for gasoline, diesel, and kerosene were ₱19.55, ₱37.80, and ₱33.20 per liter, according to the Department of Energy as of August 30.
The director of the Oil Industry Management Bureau of the Department of Energy, Rino Abad, gave many reasons why local pump prices may drop next week. The new COVID-19 lockdown measures in China and a general downturn in global GDP may have an outsized effect on the worldwide demand for petroleum.
Diesel costs between 75 and 82 per gallon in Manila right now, while 91 octane gasoline costs between 67 and 75 and 97 octane gasoline costs between 69 and 78 per gallon.
