DOE forecasts slight fuel price cuts starting 27 May

Motorists can expect slight adjustments in fuel prices on Tuesday, 27 May, based on updated projections from the Department of Energy (DOE).

According to the DOE, diesel prices may decrease by P0.10 to P0.30 per liter, while gasoline prices could either remain unchanged or roll back by up to P0.20 per liter. Kerosene is expected to see a larger reduction, with prices projected to drop by P0.30 to P0.50 per liter.

The updated forecast comes after the DOE's initial advisory on May 23, which anticipated mixed movements in petroleum prices following a four-day global trading period. At the time, officials cited both positive developments, such as progress on a potential U.S.-Iran nuclear deal and easing U.S.-China trade tensions, and upward pressures from the Organization of the Petroleum Exporting Countries' (OPEC) optimistic demand outlook.

Last week, oil firms raised pump prices by P1.20 per liter for gasoline, P1.70 for diesel, and P1.20 for kerosene. Final price adjustments will be confirmed by individual fuel companies on or before Tuesday morning.