Fuel prices may go down by over P3 per liter on Holy Week - DOE

Metro Manila, Philippines - Fuel prices may drop by over P3 per liter next week, the Department of Energy (DOE) said on Friday, April 11.

The agency said gasoline prices may be cheaper by up to P3.75 per liter, while diesel costs may go down by up to P3.40 per liter.

Motorists may also expect a rollback on kerosene prices by up to P3.50 per liter.

The DOE said the escalating trade tensions between the U.S. and China contributed to the expected decrease.

Other factors were Saudi Arabia’s expected cut on its official selling price for Asia-bound crude next month, as well as accelerated production by the Organization of the Petroleum Exporting Countries in May.

The forecast would mark the second consecutive week of rollback after oil firms implemented slight cuts on Tuesday, April 8.