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