Fuel prices seen to drop by up to P10 per liter next week

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MANILA, Philippines — Fuel prices are expected to decline by as much as P10 per liter next week after a series of increases in recent weeks, partly driven by optimism over possible progress in peace negotiations between the United States and Iran.

Citing price movements during the first four trading days of the week, Department of Energy (DOE) Director Rino Abad said Friday that gasoline prices could decrease by as much as P4 per liter, diesel by as much as P8 per liter, and kerosene by as much as P10 per liter.

The projected rollback would reverse this week’s increases of about P1.95 per liter for gasoline, P1.90 per liter for diesel, and P1.45 per liter for kerosene.

Abad said fuel prices, while still elevated, have eased to around P70 to P80 per liter from nearly P140 per liter recorded a few weeks after the conflict in the Middle East began in late February.