An oil price decrease could be implemented in the last week of April, according to the Department of Energy. Gasoline prices are expected to roll back by up to P0.45 per liter, while diesel prices might see a price cut of a maximum of P0.60 per liter. Kerosene prices could also decrease by up to P0.90 per liter.
This expected decrease in pump prices is attributed to the increase in U.S. crude supply and the easing of fears related to a possible conflict between Iran and Israel. Last week, oil firms made mixed adjustments in crude prices, with diesel and kerosene prices going down by P0.95 per liter and P1.10 per liter respectively, and gasoline prices going up by P0.55 per liter.
Final price adjustments on pump products will be announced by oil companies on Monday and implemented by Tuesday next week.
