Oil prices projected to go down slightly next week

ABS-CBN News

Posted at May 14 2022 02:14 PM

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

MANILA – Industry players on Saturday projected a slight decrease in oil prices next week, figures that will not be high enough to offset the previous price hike. 

Diesel prices are expected to drop in the range of P3.10 to P3.30 per liter, gasoline between P0.50 to P0.75, and kerosene from P2.10 to P2.30.

Oil prices have seen drastic increases, mainly due to the conflict between Russia and Ukraine, who have major roles in the oil trade. – Report from Alvin Elchico, ABS-CBN News