Inquirer file photo

MANILA, Philippines — Good news awaits motorists this coming week as local pump prices are tipped to decrease by up to P1 per liter following weeks of price hikes.

In an advisory over the weekend, Unioil said the price of diesel is projected to drop by 40 centavos per liter to 60 centavos per liter and gasoline by 70 to 90 centavos per liter.

Article continues after this advertisement

Jetti Petroleum provided similar projections, with diesel dropping by 40 to 60 centavos per liter and gasoline by 80 centavos to P1 per liter.

FEATURED STORIES BUSINESS Sansan in Cebu: Where Filipino vibrancy meets Japanese precision BUSINESS DA targets P49/kg MSRP for imported rice by March, says Tiu Laurel BUSINESS Fuel prices likely to dip by P1 per liter this week

Earlier, the Department of Energy (DOE) estimated a rollback of 20 to 55 centavos per liter for diesel and 70 centavos to P1 per liter for gasoline, while kerosene is seen to go down by 40 to 50 centavos per liter.

best slots

READ: Fuel price hike: Diesel up P2.70/L, gasoline P1.65/L starting Jan 21

Article continues after this advertisement

The DOE provided the estimated fuel price movement based on the four-day trading in the Mean of Platts Singapore, the regional benchmark used in the Philippines and countries in Southeast Asia in pricing fuel products.

Article continues after this advertisement

DOE Oil Industry Management Bureau director Rodela Romero said this can be attributed to the re-opening of refineries and ports in the US Gold Coast last Wednesday following a winter storm.

Article continues after this advertisement

Both Romero and Jetti Petroleum president Leo Bellas said the uncertainty over the proposed tariffs of US President Donald Trump could affect global economic growth and demand for energy.

Bellas also cited the easing of geopolitical tensions in the Middle East, which could possibly lighten disruptions to the shipping route along the Red Sea as well as the easing of diesel and gasoline price benchmarks as regional supply remains sufficient.

Article continues after this advertisement

Last week, oil companies jacked up gasoline by P1.65 per liter, diesel by P2.70 per liter and kerosene by P2.50 per liter, the third consecutive week of fuel price hikes.

The event was done in a ceremony in Malacañang.

According to the DOE’s price monitoring, gasoline has a total net increase of P3.45 per liter, diesel at P5 per liter and kerosene at P4.30 per liter.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.rich9

READ NEXT Fuel prices likely to dip by P1 per liter this week JTI plays the long game as habits evolve EDITORS' PICK Resupply trip to Ayungin smooth, but research off Pag-asa harassed BFAR vessels on scientific mission harassed by Chinese ships, chopper – PCG Comelec irons out kinks, voters try shading limits in Sulu mock polls Comelec not keen on increasing voters per precinct despite faster ACMs Australian Open: Madison Keys stuns Sabalenka for first Grand Slam title Kanlaon volcano emits ash 3 times, drifting west and southwest MOST READ Project Dalisay, Sereno hit for irresponsible arrogance Army’s 4th Infantry Division in Cagayan de Oro has new commander Gloria Romero, Queen of Philippine Cinema, dies at 91 Alfonso lone Filipino in Forbes ‘50 Over 50’ list Follow @FMangosingINQ on Twitter --> View comments

• to
• likely
• prices
• rich9
• fuel