Motorists may get some relief next week as the Department of Energy (DOE) sees a possible significant rollback in fuel prices following four days of trading in the international oil market.
Based on the DOE’s initial estimates, gasoline prices could decline by as much as ₱14 per liter, while diesel may go down by around ₱5 and kerosene by ₱5.20 per liter.
The projected reductions follow a sharp decline in global oil prices after the results of the US midterm elections fueled market expectations of possible diplomatic efforts to de-escalate the conflict involving the United States and Iran.
However, the figures remain preliminary and may still change following the final trading session. Oil companies are expected to announce the official adjustments on Monday, November 9, ahead of their implementation on Tuesday.