Manila, Philippines- A significant price cut in petroleum products may be expected next week.
During the past four days of trading, Department of Energy – Oil Industry Bureau Director III Rodela Romero announced that oil prices are expected to decrease next week.
Based on the recent exchanges, more than a 1 peso can be deducted from the prices of these products.
For Diesel and Kerosene, the reduction ranges from PHP 1.20 to PHP 1.50 per liter.
The price of gasoline could drop by P0.70 to P0.90.
However, Romero clarified that the final price will depend on the results of Friday’s trading.
Romero added that oil prices will remain high despite OPEC+ agreeing to extend the voluntary production cut of 2.2 million barrels per day until the end of the year.
This week, oil companies implemented mixed adjustments.\