Fuel prices to fall by 40-90 centavos, DOE forecasts stabilization

Motorists can expect lower fuel prices starting Tuesday after three consecutive weeks of price increases.

Unioil and Jetti Petroleum project diesel prices will drop by 40 to 60 centavos and gasoline by 70 to 90 centavos, while Shell, Seaoil, Caltex, PetroGazz, and CleanFuel plan to reduce diesel and gasoline prices by PHP0.20 and PHP0.80 per liter, respectively.

The Department of Energy (DOE) estimates a rollback of 20 to 55 centavos for diesel and 70 centavos to P1 per liter for gasoline, with kerosene decreasing by 40 to 50 centavos; other oil firms are expected to follow suit.

This price reduction is due to the reopening of US refineries and ports after a winter storm and easing geopolitical tensions in the Middle East.

The DOE attributes recent fuel price hikes to global economic uncertainties and proposed tariffs, but now predicts sufficient regional supply will stabilize prices.