MANILA — Diesel and kerosene prices are expected to drop by less than a peso per liter as experts forecast a rollback in prices — the first in nearly 11 weeks.
Pump prices, particularly that of diesel and kerosene, saw a spike in prices since July, as major oil players such as Saudi Arabia and Russia announced production cuts that would last until the end of the year.
Diesel and gasoline prices will decrease by P0.20 to P0.40 per liter, while the price of kerosene is estimated to decrease by P0.50 to P0.70 per liter.
For the past 11 weeks, diesel prices increased by P17.30 per liter, while kerosene increased by P15.94 per liter. Meanwhile, gasoline prices have increased by P11.85 per liter since July.
DOE Oil Management Bureau chief Rino Abad previously said the pump price hikes could have reached peak saturation, allowing supply to meet demand.
— With a report by Alvin Elchico, ABS-CBN News