Oil prices forecast to drop for 4th consecutive week; kerosene to drop P4/liter

ABS-CBN News

Posted at Dec 10 2022 12:01 PM

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News

MANILA - Oil prices are forecast to drop for the fourth straight week on Tuesday, industry experts said. 

The oil monitoring by the Department of Energy showed that prices for diesel, commonly used by public utility vehicles, may drop by P3.20 to P3.50 per liter.

Gasoline prices will decrease by P2.60 to P2.90 per liter, while kerosene will take the biggest drop at P4 to P4.30 per liter. 

Fuel prices have seen large decreases in the last few weeks primarily due to China's sluggish oil demand prompted by the country's zero-COVID policy. 

-- Report by Alvin Elchico, ABS-CBN News

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