Lower fuel prices seen next week | Inquirer News

Lower fuel prices seen next week

/ 05:10 AM January 08, 2023

Stock photo of fuel pumps. STORY: Lower fuel prices seen next week

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MANILA, Philippines — After a big-time price hike comes a possible drop in the prices of fuel products, according to industry sources.

A source expected diesel prices to decline by P2.60 to P2.80 per liter and gasoline by 60 to 80 centavos per liter.

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Unioil said diesel is expected to decrease by P2.40 to P2.60 per liter and gasoline by 50 to 60 centavos per liter.

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Rino Abad, bureau director of the Department of Energy’s Oil Industry Management, estimated that kerosene might go down by around P1.50 per liter.

“If China fails to control its COVID-19 cases probably for the next two months, there is a greater chance that prices will further decrease,” Abad said in a radio interview, adding this will depend on how fast China will be able to recover from the pandemic.

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He also noted that there was a downtrend in demand in the first quarter. Per liter, firms jacked up gasoline by P2.90, diesel by P2.10, and kerosene by P3.05 the previous week.

—JORDEENE B. LAGARE

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