Fuel prices seen to decline on second week of August

Metro Manila, Philippines - Fuel prices are expected to go down starting Aug. 12, according to a forecast.

Unioil Philippines on Saturday, Aug. 9, said firms may cut diesel prices by P1.30 to P1.50 per liter.

It also projected per-liter prices of gasoline may decline by P0.50 to P0.70.

In a Philippine National Agency report, Jetti Petroleum president Leo Bellas attributed the possible downward movement to the additional increases in OPEC+ production and continued tariff uncertainties.

The hopes for a diplomatic end to the Ukraine-Russia war may have also caused the further weakening of oil prices.

Last week, almost all oil companies implemented a hike on fuel prices: P1.90 per liter for gasoline and P1.20 per liter for diesel.