Metro Manila (CNN Philippines, April 2)— Fuel prices are expected to go down next week, from April 5 to 11, according to a forecast by Unioil.
Prices for diesel are expected to go down by ₱1.80 per liter, while prices for gasoline might go down by ₱2.00 per liter, it said on Saturday.
Motorists are advised to load up accordingly.
This latest forecast will come a week after several fuel firms implemented a price hike on Tuesday.
The Department of Energy (DOE) cited several factors behind the rollback, including the United States’ move to release oil from its Strategic Petroleum Reserve.
“Para po mabalanse and supply at demand sa world market (So the supply and demand in the world market will be balanced),” Rodela Romero, assistant director of DOE’s Oil Industry Management Bureau, said about the U.S. move during the Laging Handa briefing on Saturday.
She also pointed out that some European countries followed America’s lead and also vowed to release oil stockpiles.
Other global developments such as COVID-19 lockdowns in China and the peace talks between Russia and Ukraine have also caused the dip in oil prices in the world market, Romero added.
