Fuel prices are projected to drop by as much as P10 per liter in the coming week following consecutive increases in recent weeks, partly due to optimism over a possible outcome in peace negotiations between the United States and Iran.
Citing price developments during the first four trading days this week, Department of Energy (DOE) Director Rino Abad on Friday. May 29, said gasoline prices may decrease by as much as P4 per liter, diesel by as much as P8 per liter, and kerosene by as much as P10 per liter.
The projected rollback would reverse this week’s price increases of around P1.90 per liter for diesel, P1.95 per liter for gasoline and P1.45 per liter for kerosene.
Abad said that while fuel prices remain elevated, they have eased to around P70 to P80 per liter from nearly P140 per liter recorded a few weeks after the Middle East conflict began in late February.
“Ito’y dahil maganda ho ang naging resulta sa mga pronouncement ng negotiation between U.S.-Iran (This is due to the results and pronouncement on the negotiation between U.S. and Iran),” he said on Bagong Pilipinas Ngayon.
To help mitigate the impact of higher oil prices, Abad said the government has disbursed around P40 million worth of assistance to public utility vehicle drivers under the P10-per-liter Fuel Subsidy Program.
The initiative, which forms part of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Program, grants qualified drivers up to P1,500 per vehicle per week for three months.
Abad said around 1,263 gasoline stations nationwide have already joined the program, with more expected to be onboarded in the coming weeks.PNA
