Diesel prices in Metro Manila could drop to P70 to P90 per liter next week. Local fuel retailers are expected to implement fresh rollbacks following progress in Middle East peace talks.
An industry source said on Saturday that diesel may see a rollback of P7 to P9 per liter on May 12. Gasoline prices, however, may rise by P1 to P3 per liter.
Department of Energy estimates also showed a potential P9 price decrease for diesel and P12 for kerosene. Gasoline prices may inch up by P1.60 to P1.70 per liter. Oil firms are scheduled to announce official price adjustments on Monday.
Rino Abad, DOE director of the Oil Industry Management Bureau, said diesel prices have been returning to normal market-based levels after being impacted by the Middle East war that started on Feb. 28. "We are feeling the significant drop [in diesel prices]," he said.
