DOE sees P2.50 fuel price cut

The Department of Energy (DOE) expected a fuel price cut of as much as P2.50 per liter next week. Rodela Romero, director of the DOE’s Oil Industry Management Bureau, said the per-liter prices of gasoline may be reduced by P2.30 to P2.50.

The prices of diesel and kerosene may also be slashed by P1.90 to P2.10 and P2.35 to P2.40 per liter, respectively. In an advisory over the weekend, Unioil also said that the per-liter prices of diesel may drop by P1.80 to P2.

Gasoline prices may also see a reduction of P2.10 to P2.30 a liter. If fuel retailers impose these downward adjustments, next week will mark the third consecutive week of cuts for gasoline and the fifth for diesel and kerosene. Oil companies usually announce their price movements every Monday, which would take effect the following day. —LISBET K. ESMAEL