CITY OF SAN FERNANDO---The Department of Energy (DOE) over the weekend announced that another round of fuel price cuts is expected on Tuesday, May 14, 2024.
The DOE Oil Industry Management Bureau said the hefty price rollback may see gasoline prices go down by P2 to 2.25 per liter.
The price of diesel may be slashed by P 0.50 to 0.85 per liter and kerosene by P 0.90 to 1 per liter.
The DOE said the estimated ranges of rollback were based on the recent four day trading and Mean of Platts Singapore, which is a pricing basis for many refined products in Southeast Asia.
The agency attributed the decrease in fuel prices to the increase in US inventories and the geopolitical conflict in the Middle East.
The rollback is the third straight week of cuts for gasoline and fourth for both diesel and kerosene.