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MANILA, Philippines — Oil companies are projected to slash the pump prices of petroleum products by more than P3 per liter next week, industry sources said.
A source said the price of diesel might decline by P2.80 to P3.10 per liter and gasoline by P2.20 to P2.50 per liter.
Unioil estimated diesel to go down by P2.60 to P2.80 per liter and gasoline by P1.90 to P2 per liter.
Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, estimated kerosene to decrease by about P2.50 per liter.
In a radio interview on Friday, Abad explained that demand for petroleum products usually declines in the first quarter.
Fuel consumption will rebound in the second quarter before reaching “full blast” in the third and fourth quarters, he said.
China’s recovery from the pandemic and another US interest hike may also pull down local fuel prices.
“The global market is in a wait-and-see mode on what can happen in China,” he added.