DOE: Oil prices to fall next week, gasoline down P0.70-P0.90 per liter

Another round of oil price cuts is expected to take effect on May 13, following the midterm elections, according to the Department of Energy.

Assistant Director III Rodela Romero of the Oil Industry Management Bureau announced that gasoline prices may decrease by P0.70 to P0.90 per liter, diesel by P0.10 to P0.30 per liter, and kerosene by P1.20 to P1.40 per liter.

Increased oil production by OPEC+ member countries and uncertainties in trade negotiations between the US and China are influencing these price adjustments.

The new cuts follow a previous reduction implemented by local oil companies just one week earlier.

These changes aim to provide relief for consumers amid fluctuating global market conditions.