Fuel price cuts expected next week

Fuel retailers are seen to cut the prices of petroleum products next week following developments in foreign markets, an energy official said.

Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau, said the per-liter prices of gasoline may be cut by 70 centavos to P1. Diesel prices may also drop by 65 centavos to 95 centavos a liter.

Up to 80 centavos reduction in the per-liter price of kerosene is also expected. Romero said the rollback could be attributed to the weaker demand forecasts made by the Opec+, composed of the Organization of the Petroleum Exporting Countries and allies led by Russia.

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The US Energy Information Administration also slashed its 2025 crude price forecast due to the projected increase in oil production. Last week, oil companies imposed up to a P2.10 per liter increase in pump prices.