Diesel and kerosene prices are expected to roll back next week, while gasoline prices may rise, the Department of Energy said Friday.
DOE Director Rino Abad said diesel could drop by as much as P9 per liter and kerosene by up to P12 per liter by Tuesday, 12 May.
Gasoline, however, may increase by P1.60 to P1.80 per liter due to higher seasonal demand.
“There’s gasoline pressure, probably because of supply and demand as it’s more consumed [in the U.S.],” Abad said, adding that diesel and kerosene prices are gradually returning to more normal market levels.
“It’s really going back to its normal, market-based price. It’s still a little elevated, but it’s not far apart [from the old price],” he said.
Abad also cited global oil movements, noting a decline of about $16 per barrel for diesel and $20 for kerosene, while gasoline saw an increase of around $2 per barrel.