MANILA – Fuel prices may decrease by P1 to P2 per liter next week, following a more than P5 per liter increase this week, according to the Department of Energy (DOE).

“We are expecting a rollback in the prices of petroleum products by next week,” said DOE Oil Industry Management Bureau Director Rodela Romero, citing the four-day trading in the Mean of Platts Singapore.

The projected price adjustments are:

• Gasoline – P1 to P1.40 per liter
• Diesel – P1.60 to P2.10 per liter
• Kerosene – P2 to P2.20 per liter

“Bearish factor that counterbalance the bullish price last week is the announcement of President (Donald) Trump of possible ceasefire between Israel and Iran, thus crude oil future extends drop,” Romero added.

Global crude prices recently surged to over USD78 per barrel due to the Israel-Iran conflict but declined after Trump’s ceasefire announcement on June 23. (PNA)