Oil firms are poised to implement a price roll back on Tuesday by as much as P3 per liter for diesel.
Based on its fuel price forecast for the May 17 to 23, 2022 trading week, Unioil Petroleum Philippines said diesel prices may decrease by P2.90 to P3 per liter.
Gasoline prices, on the other hand, may go down between P0.40 to P0.60 per liter.
Domestic pump prices have been on an uptrend in 13 out of the past 17 weeks, which the Department of Energy (DOE) has attributed to the ongoing conflict between Russia and Ukraine, along with the easing of COVID-19 restrictions across the globe which have boosted demand.
Dubai crude reached an average of $95.6 per barrel from January to March this year due to “geopolitical tension and supply concerns” triggered by the war between Russia and Ukraine according to Petron Corp.
Oil firms earlier this week announced a price hike of P5.85 per liter for kerosene and P4.20 per liter for both gasoline and diesel.
These resulted in year-to-date adjustments to stand at a net increase of P17.80 per liter for gasoline, P30.30 per liter for diesel, and P23.90 per liter for kerosene, based on data from the Department of Energy.