• CHERYL G. CRUZ
Expect fuel prices to drop big this Holy Week, effective tomorrow, April 15.
Oil companies announced over the weekend that the price of diesel could decrease by P2.90 to P3 per liter, gasoline by P3.50 to P3.80/L, and kerosene by P3.30 to P3.50/L.
Exact adjustments will be known today.
This is the second week of rollback, after oil companies implemented a price decrease of P0.10/liter for gasoline and P0.50/liter for kerosene, as of April 8. There was no adjustment for diesel.
The Department of Energy Oil Monitor showed that the price of Dubai crude decreased by about $0.30 per barrel, while the international price of gasoline also went down by about $0.50 per barrel, kerosene by about $1.05 per barrel, and diesel by around $0.60 per barrel.
“Crude futures were dragged down by concerns over a demand slowdown, following a slew of reciprocal tariffs by the US, while fears of a supply glut were exacerbated by OPEC+’s agreement to a threefold increase in output in May,” the DOE said.
It added that since the start of this year, gasoline logged a net increase of P4.55/liter, diesel at P4.45/liter, and kerosene with total net increase of P0.40/liter. | CGC
