Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, said they were expecting price cuts of P1 to P1.20 per liter for gasoline; P3.50 to P3.70 per liter for diesel, and P2.20 to P2.40 per liter for kerosene. READ:
Among the reasons cited by Romero for the possible decrease in fuel prices include the tightening of restriction in China due to rising number of COVID-19 cases and the increase in the United States’ crude inventory which resulted in lower demand, as well as the price cap imposed on Russia’s crude.
“The second reason is the increase in the fuel inventory of the United States increased which translated to lower demand,” she said.
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