Fuel prices may drop by around P3 in latest forecast --- ABS-CBN News

MANILA - Fuel prices are expected to go down by around P2 to P3 in the third consecutive wave of price rollbacks in petroleum prices. "Nanumbalik ang economic concerns. Usually po pag may ganoon talagang ang unang maiisip ay magkakaroon ng problema sa demand, humina. Although mayroon pa ding supply and demand concerns, supply is still tight. Pero nakita ng merkado na nangyari sa economic data baka manatiling mataas ang interest rates," Leo Bellas, President of Jetti Petroleum said. Gasoline prices will go down by P2.90 to P3.20 per liter in the largest drop. Diesel prices will go down by P2.30 to P2.60 per liter, while kerosene prices will drop by P2.80 to P3. This is a sigh of relief for motorists who have been reeling from 10 straight weeks of price increases since July, attributed to Russia and Saudi's supply curbs set for until the end of the year. "Ang overall sentiment po is hindi pa nakarekober ang merkado sa pre-pandemic levels. Nasa backseat po ang demand and supply, nasa front seat po ang economic concerns," Bellas said. Authorities earlier green-lit a P1 increase in the minimum fare for jeepneys. -- With a report by Alvin Elchico, ABS-CBN News

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