DOE Says Fuel Prices Expected to Rollback As Much As P12/Liter Next Week

Fuel Prices May Go Down by P12/Liter Next Week, According to DOE

The Department of Energy said that the fuel prices are expected to rollback as much as P12 per liter next week.

On Friday (March 18, 2022), the Energy Department reported that the prices of diesel and gasoline are expected to rollback by P12 and P6 per liter next week if the trend holds. The good new came after two weeks of consecutive big-time hike.

Energy Undersecretary Gerardo Erguiza Jr. reported that the price of diesel went down as low as $26 per barrel in the last 3 days as indicated by Dubai. The prices of diesel might reduce by P12 while gasoline prices may go down by P6.

Fuel Prices

“We’re really expecting a hug decrease but we still have to wait for the next 2 days…Because we get the average for the 5 days. With that indication of the 3-day decrease. Hopefully it will be consistent in the next 2 weeks, it will be as low as P12, from the estimate given to us it’s almost P6 based on the trend in the last 3 days,” Erguiza said.

He is also hoping that fuel price will improve over the next few days as global crises improve. The prices of gasoline and diesel have increased by P20.35 and P30.65 since the beginning of 2022.

Earlier this week, Independent Philippine Petroleum Companies Association and of Eastern Petroleum Corp. chair Fernando Martinez said that the fuel prices may reduce by P2 to P3 per liter next week.

Martinez noted that the prices may change on Friday. The local pump prices have already reached P80 per liter over some parts of the country.

Fuel Prices

What can you say about this announcement? Just feel free to leave your comments and reactions to this article.

Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; FacebookTwitter, and YouTube.

Read Also: NEDA Recommends 4-Day Work Week Amid Surging Oil Prices

Leave a Comment