The Department of Energy (DOE) announced over the weekend that the price of fuel may go down this week, starting Tuesday, February 11.
The DOE Oil Industry Management Bureau said that the price of gasoline may have no adjustment or could be rolled back by P0.30 per liter.
The price of diesel may be cut by P0.20 to P0.50 per liter while the price of kerosene may be slashed by P0.10 to P0.25 per liter.
The rollback is expected after fuel firms raised gasoline prices by P0.70 per liter but reduced diesel prices by P1.15 per liter and kerosene by P0.90 per liter last week.
DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the adjustments were based on international trading in the past four days.
Romero said that several global developments on oil also influence the possible price movements, primarily Saudi Aramco's announcement last Wednesday that it will increase prices on buyers in Asia for March delivery amid rising demand from China and India.
The DOE official said this is driven by rising demand from China and India as well as the impact of US sanctions on Russian oil supplies.
Romero added that fuel price movements are affected by the reduction of Organization of the Petroleum Exporting Countries members in January due to reduced output from Iran and Nigeria, plus the market's reaction to US President Donald Trump’s plans to impose tariffs on Canada, Mexico, and China.