MANILA, Philippines — Motorists can expect a relief from the recent major fuel price hikes as pump prices will be rolled back next week.
Phoenix Petroleum Philippines led the price cuts with a decrease of P1.55 per liter on gasoline and P0.50 per liter on diesel starting at 6 a.m. today.
Meanwhile, Unioil said it is forecasting a significant price reduction next week. “Diesel should go down by P0.70. Gasoline by P1.40,” it said.
This breaks the two consecutive weeks of significant price hikes on fuel products.
In the world market, international oil prices erased the massive gains it registered following the drone attacks on Saudi Arabian oil facilities, after the major exporter recovered its output faster than expected.
Earlier, Saudi Energy Minister Prince Abdulaziz bin Salman said the Arab nation would be able to fully restore oil output by the end of the month.
In the past two weeks, local gasoline prices went up by P3.70 per liter, diesel by P2.60 and kerosene by P2.80 per liter.
Year-to-date adjustments stand at a net increase of P7.86 per liter for gasoline, P5.82 for diesel and P3.76 per liter for kerosene, according to latest data from the Department of Energy.