MANILA - The prices of diesel and gasoline are expected to decrease by P12 and P6 next week, the Department of Energy said Friday.

Diesel price as indicated by Dubai in the last 3 days "went down as low as 26" dollars per barrel, according to Energy Undersecretary Gerardo Erguiza Jr.

"We’re really expecting a hug decrease but we still have to wait for the next 2 days...Because we get the average for the 5 days. With that indication of the 3-dya decrease. Hopefully it will be consistent in the next 2 weeks, it will be as low as P12," he told ANC's Headstart when asked about the price decrease of diesel.

"From the estimate given to us it’s almost P6 based on the trend in the last 3 days," he said when asked about the price of gasoline.

The prices of fuel will "hopefully improve in the next few days" as global crises improve, Erguiza said.

"We have good indications that we have the OPEC making its commitment to produce more, the US sale technology, a move that’s going to produce more. There's a sanction against Iran, it’s going to be solved there’s a timeline already," he said.

"This Russia and Ukraine problem I think is also improving, hopefully everything will improve in the next few days. And eventually will get the cost or price we started at the time when we had these problems."

• Oil surges anew as Russia rejects UN ruling to suspend Ukraine offensive

Aside from the global crises, the reopening of the economy also brought more demand to the market, Erguiza added.

"When the pandemic started to be solved, more economic activities are back. When you have more economic activities, you will need more energy. This demand in energy the expected production was not able to cope up," he said.

President Rodrigo Duterte earlier approved a P200 monthly subsidy for poor Filipino families as an alternative to suspending fuel excise tax amid skyrocketing fuel prices.

• Duterte keeps fuel excise tax, approves P200 monthly subsidy for poor households
• ALAMIN: Tipid tips sa paggamit ng produktong petrolyo

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