MANILA — The cost of fuel products is expected to slightly fall next week after two straight weeks of oil price hikes, industry estimates showed Saturday.
The price of diesel is forecast to dip by P0.90 to P1.10 per liter on Tuesday, while gasoline is expected to decrease by P0.10 to P0.40 per liter.
Kerosene prices is also expected to fall by P0.60 to P0.90 per liter.
Jetti Petroleum President Leo Bellas had said the fuel supply is still tight globally, compounded by Organization of the Petroleum Exporting Countries' (OPEC) planned cutting of oil production.
"Nakita natin na baka manatili ito (oil) sa mataas na presyo kung sakaling magkaroon ng paggalaw ng bahagya ng pagbaba o pagtaas eh medyo nandiyan sa level na muna na 'yan," Bellas told ABS-CBN News last week in an interview.
President Ferdinand Marcos Jr. last month said it is eyeing to import fuel and fertilizers from Russia to offset the country's fuel supply problems.
US-led sanctions against the Eurasian country have compounded the oil supply woes, but Marcos said there may be a need for the Philippines to "approach Russia and say maybe they can loosen up and provide us with some fuel."
Russian Ambassador to the Philippines Marat Pavlov said in a statement issued Thursday that several major Russian suppliers have said they are ready to supply fuel to the Philippines.
— with a report from Job Manahan and Alvin Elchico, ABS-CBN News; Kyodo News