Fuel prices to drop P0.40-P1 in early May

Motorists can anticipate lower fuel prices in early May as a result of oversupply in the international market.

Gasoline is expected to decrease by around P0.40 to P0.60 per liter, while diesel could drop by P0.60 to P0.80 per liter and kerosene may see a discount of P0.80 to P1.00 per liter according to the Department of Energy's Oil Industry Management Bureau (OIMB).

The anticipated price cuts are due to increased crude oil inventories in the US and potential production hikes by Saudi Arabia, which could expand market share.

Despite these supply increases, concerns persist over global economic growth and fuel demand due to ongoing trade tensions and potential sanctions on Iran, as noted by Jetti Petroleum president Leo Bellas.

This marks the first rollback after two consecutive weeks of fuel price increase.