More fuel price rollbacks expected next week

MANILA, Philippines — Price cuts for gasoline, diesel and kerosene may extend into next week as fuel prices in the world market continue to drop.

Kerosene prices are also seen to drop by P6.00/L based on three-day Mean of Platts Singapore trading.

Heightened tensions around the Strait of Hormuz caused crude oil prices to rebound slightly. The peso-dollar exchange rate similarly dampened the decline as the peso, which opened at P63.7 on Friday, November 13, inches closer to the P64 mark.

Last week, fuel prices dropped sharply, with gasoline seeing the biggest cut at P16.80 per liter. Several liquefied petroleum gas companies also implemented rollbacks ahead of their scheduled monthly adjustments in response to lower contract prices.

The Bangko Sentral ng Pilipinas on Wednesday, November 11, reaffirmed its commitment to protecting the peso's purchasing power as fuel prices continue to drive inflation in the country. The central bank will convene on December 17 for its final monetary policy meeting of the year.