Motorists can expect a small reprieve from soaring fuel prices this week. Effective Tuesday, Oct. 22, major oil companies will implement price rollbacks.
According to advisories released by Seaoil and Shell Pilipinas, gasoline prices will drop by P0.50 per liter, while diesel will go down by P0.70. Kerosene prices will also see a reduction of P0.85 per liter.
While the rollbacks offer some relief, they are relatively minor compared to the sharp increases seen in recent weeks. The ongoing geopolitical tensions in the Middle East, coupled with weak demand outlook from China, have contributed to the volatility in oil prices.
Jetti Petroleum noted that the marginal price decrease this week is primarily driven by easing fears of supply disruptions and the weaker demand from China. However, the uncertainty surrounding global oil markets persists, and further price fluctuations cannot be ruled out.
Last week, fuel prices surged by a margin, with gasoline increasing by P2.65 per liter, diesel by P2.70, and kerosene by P2.60.