Metro Manila (CNN Philippines, February 25) – After two consecutive price hikes this month, fuel prices are expected to go down next week, an oil industry forecast said Saturday.
In its advisory, Unioil Petroleum Philippines said diesel prices may decrease by ₱1.20 to ₱1.40 per liter, while the cost of gasoline may be reduced by ₱0.70 to ₱0.90 per liter.
The adjustment will take effect on Feb. 28 to March 6, 2023.
According to the latest oil monitoring of the Department of Energy (DOE), the oil companies implemented a per liter increase of ₱0.90 for gasoline and ₱1.05 for diesel effective Feb. 21.
Meanwhile, the price of kerosene has fallen by ₱0.25 per liter.
“These resulted in a year-to-date net decrease for diesel at ₱1.10 per liter and kerosene at ₱0.50 per liter," the DOE report read. "Gasoline on the other hand has a net increase of ₱6.00 per liter."