Fuel Prices Expected to Drop Over P1/Liter Next Week

• Gasoline: P0.90 to P1.20 per liter
• Diesel: P1.30 to P1.60 per liter
• Kerosene: P1.50 to P1.65 per liter

DOE’s Oil Industry Management Bureau Assistant Director Rodela Romero attributed the decline to weakening global demand and expectations of an oil oversupply. Contributing factors include the Organization of the Petroleum Exporting Countries (OPEC+) lowering its demand forecast for 2024 and 2025, and seasonally weak crude demand from China.

Iraq and Libya’s increased crude exports also contributed to the drop.

Fuel companies will officially announce the price adjustments on Monday, September 16, with the changes taking effect the following day.