DOE: Fuel prices to drop by up to P1.35 next week

Motorists can expect another reduction in fuel prices next week, marking the second consecutive week of price decreases.

According to Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero, diesel is expected to decrease by P1.00 to P1.35 per liter, kerosene by P1.30 to P1.45 per liter, and gasoline by P0.30 to P0.75 per liter.

The anticipated rollback in petroleum prices is due to OPEC+'s decision to increase June oil production levels and uncertainty over trade talks between the US and China.

Fuel companies typically announce price adjustments every Monday with changes taking effect on Tuesday.

Last week, local oil firms reduced gasoline by P0.55 per liter, diesel by P0.65 per liter, and kerosene by P0.90 per liter.