Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News
MANILA (UPDATE) - Gas prices are projected to dip by as much as P1.80 per liter by the end of the month, as interest rates in the United States hike.
Diesel is estimated to take a P1.30 to P1.60 per liter rollback, while kerosene prices could take the biggest cut at P1.50 to P1.80 per liter.
Gasoline takes the smallest cut at P0.80 to P1 per liter.
"Ito ay kadahilanan ang US ay naglabas ng bagong interest rate hike sa monetary policy. Pag-address ito ng inflation. Second, nakita malaking build up sa imbentaryo ng US sa kanilang krudo," Energy Department Assistant Director Rodela Romero said.
The United States recently hiked interest rates as inflation in the country remained high.
Energy Director Rino Abad attributed the price drops to higher inventories in the United States. Russia's plans to cut production also played a factor.
"Ang pagtaas ng inventory ng US, bumababa ang demand, nacocontrol ang inflation, wala ring nilelet go na interest hike policy sa US," he said in a Teleradyo interview, Saturday.
However, industry experts cannot say if there is a downward trend in oil prices just yet.
-- Report from Alvin Elchico, ABS-CBN News
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