CITY OF SAN FERNANDO --- The pump prices of fuel are expected to go down on Tuesday, April 30, 2024.
Oil firms announced on Monday that the price of gasoline prices are seen to go down by P0.45 per liter, diesel P0.60 per liter, and kerosene by up to P0.90 per liter.
The Department of Energy (DOE) said the expected decrease in pump prices is attributed to the increase of U.S. crude supply and the easing of fears due to a possible conflict between Iran and Israel.
“Oil prices lowered due to easing fears of an Iran-Israel escalation after Tehran said it would not seek to retaliate to Israel's strike last week. Added to the said relief on the oil markets are the uncertainty in the demand outlook and the continuous increase in the inventory of crude of the US,” the DOE said.
Last week, diesel and kerosene prices were slashed by P0.95 per liter and P1.10 per liter, respectively, while gasoline went up by P0.55 per liter.