Metro Manila, Philippines – Motorists may see slight adjustments in fuel prices next week, projection from the Department of Energy (DOE) showed.
In an advisory released on Friday, Oct 25., DOE said gasoline prices may either go down or up by P0.20 per liter.
Diesel prices may also decrease by P0.10 or increase by P0.30 per liter, while kerosene cost is likely to fall by up to P0.30 per liter.
“For those areas declared under the State of Calamity, price freeze for household LPG (liquefied petroleum gas) and kerosene will be implemented for 15 days starting from the date of the official declaration,” the agency said.
The DOE attributed the potential rollback to weaker oil demand in China and the U.S., surprise build in U.S. stocks, and the expected stability of geopolitical risks in the Middle East.
Meanwhile, prices may also rise due to South Korea’s increase in diesel demand which could affect Asia, and possible supply disruption caused by Iran’s retaliation.
Oil firms cut fuel prices by less than a peso on Tuesday, Oct. 22.
