After four weeks of painful price hikes, motorists are finally getting some relief at the pump! The Department of Energy has announced that fuel prices will be decreasing this coming week.
Here's what we know:
- Diesel and kerosene: Expect a price decrease of around P1 per liter.
- Gasoline: The decrease will be smaller, around P0.50 to P0.70 per liter.
What's driving this change?
The easing of tensions in the Middle East is playing a key role. Reports indicate that Israeli Prime Minister Benjamin Netanyahu assured US President Joe Biden that Israel would not attack Iran's crude or nuclear facilities. This has calmed some of the market anxieties that were driving prices up.
Looking ahead:
Experts predict that oil supply could potentially have a surplus by the first quarter of 2025. This could lead to further price reductions in the future.