Fuel price rollback expected this week

(File photo)
(File photo)

CITY OF SAN FERNANDO --- The Department of Energy (DOE) Oil Industry Management Bureau disclosed over the weekend that fuel prices are expected to decrease on February 27, 2024.

The DOE said that gasoline may go down by P0.70 to P0.90 per liter, diesel by P1 to P1.20 per liter and kerosene by P0.90 to P1 per liter.

The rollback comes after oil firms last week jacked up the price per liter of gasoline by P1.60, diesel by P1.10, and kerosene by P1.05 last Tuesday, February 20, 2024.

According to DOE, the projected fuel price decrease is due "to the worries about global demand and the expectations that cuts to US interest rates will take longer.”

The agency however clarified that the projected adjustments may still change after last Friday’s final market trading.

Oil firms usually announce the price adjustments on Mondays and take effect the following day.

The year-to-date qadjustment of gasoline, diesel and kerosene stands at a net increase of P6.15 per liter, P5.40 per liter and P1.50 per liter, respectively.

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