ABS-CBN
Oil prices expected to decline next week: energy dept
Fuel prices are expected to decrease next week, with diesel possibly dropping by P12 per liter and gasoline by P6 per liter.
This projected rollback is based on the significant decrease in Dubai crude oil prices over the last three days.
Energy Undersecretary Gerardo Erguiza Jr. stated that the average price of Dubai crude has fallen, with indications of further drops.
Potential increases in global supply from OPEC and the US, along with possible resolutions to sanctions on Iran and the Russia-Ukraine conflict, could further stabilize fuel costs.
Filipinos can expect these price adjustments if the current trend of lower crude oil costs continues.
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Energy Secretary Alfonso Cusi anticipates a significant oil price rollback next Tuesday, March 22, potentially decreasing gasoline prices by over P5 and diesel prices by P12 or more.
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Philippine oil firms implemented a rollback in pump prices of petroleum products starting Tuesday, March 22, 2022, ending 11 consecutive weeks of price hikes.
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Motorists can expect a significant rollback in fuel prices next week, with projected decreases of P11 to P11.70 per liter for diesel, P6 to P6.20 per liter for gasoline, and P8.70 to P8.80 per liter for kerosene.
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Motorists will see a rollback in fuel prices starting Tuesday, March 22, with diesel prices cut by P11.45 per liter and gasoline by P5.45 per liter.
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Oil companies will implement significant price hikes starting Tuesday, March 15, with diesel increasing by P13.15 per liter, gasoline by P7.10 per liter, and kerosene by P10.50 per liter.
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