The Department of Energy (DOE) said it sees fuel price rollback this week, starting Tuesday, January 28.
The DOE Oil Industry Management Bureau said that gasoline may go down by P0.70 to P1.00 per liter;
diesel by P0.20 to P0.55 per liter; and kerosene by P0.40 to P0.50 per liter.
The rollback comes after three straight rounds of upward adjustments in pump prices this month.
Gasoline prices went up by over P1.00 per liter, and diesel and kerosene by over P2.00 per liter last week.
The DOE Oil Industry Management Bureau said over the weekend that the estimated prices for this week were based on market developments and international trading in the last four days.
"The estimated adjustments on petroleum prices were attributed to the re-opening of refineries and ports in the US Gulf Coast last Wednesday following a winter storm. Also, the market is considering how United States President Donald Trump's proposed tariffs will affect global economic growth as well as the demand for energy," the agency said.
It added that the final adjustments will be confirmed after considering other factors like the operating expenses of oil companies, aside from the results of trading last Friday.