Oil prices are likely to go down this week by as much as P0.70 per liter following the movement of world oil prices last week.
Sources said gasoline and diesel will likely go down by P0.60 to P0.70 per liter.
Energy Department spokesman Wimpy Fuentebella said on Friday that international global oil prices were going down.
“The good news is there is a possibility that oil prices will go down because of oversupply. So the trend is downward.Hopefully it will continue to go down,’’ he said.
Fuentebella said the oil market reacted to the foreign exchange movements, additional discovery of oil rigs in America, supply disruptions in Nigeria, among others.
The official said the department is still considering proposals for oil stockpiling.
“It’s more on policy question, what we will do about it. Still being studied that is a proposal that was carried over from the previous administration,” he said.
“We are considering all options, what would be the best for the country,” Fuentebella said.
The Philippines imports more than 90 percent of its fuel requirements and as such is merely a “price taker” of oil prices in the market.