Fuel price rollback forecasted this week

Fuel price rollback forecasted this week

CITY OF SAN FERNANDO -- The Department of Energy (DOE) announced over the weekend that pump prices of fuel may go down on May 7, 2024.

Based on the recent four-day trading prices on Mean of Platts Singapore, the DOE said gasoline prices are expected to be slashed by a maximum of P0.45 per liter.

Diesel prices are expected to decrease by a maximum of P0.70 per liter, while the price per liter of kerosene may be rolled back by up to P0.70 per liter.

The DOE said the expected rollback may come after talks of a ceasefire in Gaza and the US Federal Reserve’s decision to keep interest rates steady.

The decrease in fuel prices will be the third in the past three weeks, after a series of consecutive increases last month.

The final price adjustments will be announced on Monday and will be implemented by oil firms the following day.

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