DOE chief sees fuel price rollback next week
Energy Secretary Alfredo G. Cusi says fuel prices could start retreating next week due to a dip in Dubai crude oil prices.
The average price of Dubai crude over the past two trading days was $104.79 per barrel, down from last week's $122.61 per barrel.
Cusi expects gasoline prices to drop by at least P5 per liter and diesel by at least P12 per liter if oil prices continue to trend downward.
He attributes the decline in global oil prices to lockdowns in China and ongoing negotiations for a ceasefire between Russia and Ukraine.
Cusi also notes that lifting sanctions on Venezuela, Iran, and Syria could add over 1 million barrels of oil daily to the market, further lowering prices.
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