Oil prices are expected to decrease again next week, according to the Department of Energy (DOE). The decrease is attributed to falling oil prices in the Asian market, supported by favorable global political and economic conditions.
Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, stated that gasoline, diesel, and kerosene prices are likely to continue their downward trend. The estimated price decrease ranges from P2.00 to P2.25 per liter for gasoline, P0.50 to P0.85 for diesel, and P0.90 to P1 for kerosene.
This anticipated drop in fuel prices would mark the third consecutive week of decrease for gasoline and the fourth straight week for both diesel and kerosene. Romero mentioned that the decrease in oil prices in Asian trade is due to the US dollar’s strengthening and a “sustained” increase in US inventories. Additionally, the new ceasefire proposal for Gaza has contributed to the decline in global oil prices.
The final adjustment in oil prices will be announced on Monday and will take effect the following day. Last week, oil companies reduced their prices by P0.75 per liter for gasoline, P0.90 for diesel, and P1.05 for kerosene.
As of May 7, the year-to-date adjustments show a net increase of P9.25 per liter for gasoline and P4.70 for diesel. In contrast, kerosene posted a net decrease of P0.80 per liter.
