Motorists can expect relief next week as petroleum products are projected to post substantial price rollbacks following an interim agreement between the United States and Iran, according to the Department of Energy (DOE).
In a report by RH Jecelle Ricafort, the DOE said gasoline prices could decrease by P3 to P5 per liter. Diesel prices, meanwhile, may see a larger rollback ranging from P8 to P10 per liter, while kerosene prices could drop by P9 to P12 per liter.
The projected price cuts were attributed to the initial peace agreement signed between the United States and Iran aimed at ending the ongoing conflict, which has eased concerns in the global oil market.
However, the agency noted that the final adjustment may still change depending on the outcome of the last trading day in the world market.
Based on DOE data, diesel prices in Metro Manila currently range from P74.60 to P93.30 per liter, while unleaded gasoline prices range from P72.10 to P93.90 per liter.
The Energy Department continues to set the minimum rollback and maximum increase in fuel prices under the ongoing state of national energy emergency.
Meanwhile, the government’s P10 fuel subsidy program for public utility vehicle (PUV) operators remains in effect to help cushion the impact of fuel price fluctuations.
