Another drop in fuel prices is expected next week, possibly by P2.10 per liter for gasoline and P2.90 for diesel.
The Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE) predicts that prices for fuel products will drop significantly next week.
OIMB director Rino Abad said it will be more than P1 per liter for gasoline and diesel, and more than P3 per liter for kerosene.
Oil companies are going to make an announcement about the price changes on Monday, and those will become effective on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision to forego further cuts to oil production, he claimed, was one of several factors that contributed to the rollback.
If the anticipated changes to the prices of diesel and gasoline come to pass, it will be the eighth week in a row that prices have gone down for diesel and the fourth week for gasoline.
Last week, diesel prices fell by P1.90 per liter, gasoline by P1.95 per liter, and kerosene by P1.65.
