Fuel prices are projected to drop by as much as PHP10 per liter in the coming week following consecutive increases in recent weeks, partly due to optimism over a possible outcome in peace negotiations between the United States and Iran.
Citing price developments during the first four trading days this week, Department of Energy (DOE) Director Rino Abad on Friday said gasoline prices may decrease by as much as PHP4 per liter, diesel by as much as PHP8 per liter, and kerosene by as much as PHP10 per liter.
The projected rollback would reverse this week’s price increases of around PHP1.90 per liter for diesel, PHP1.95 per liter for gasoline and PHP1.45 per liter for kerosene.
Abad said that while fuel prices remain elevated, they have eased to around PHP70 to PHP80 per liter from nearly PHP140 per liter recorded a few weeks after the Middle East conflict began in late February.
“Ito’y dahil maganda ho ang naging resulta sa mga pronouncement ng negotiation between U.S.-Iran (This is due to the results and pronouncement on the negotiation between U.S. and Iran),” he said on Bagong Pilipinas Ngayon.
To help mitigate the impact of higher oil prices, Abad said the government has disbursed around PHP40 million worth of assistance to public utility vehicle drivers under the PHP10-per-liter Fuel Subsidy Program.
The initiative, which forms part of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Program, grants qualified drivers up to PHP1,500 per vehicle per week for three months.
Abad said around 1,263 gasoline stations nationwide have already joined the program, with more expected to be onboarded in the coming weeks.*PNA
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