DOE: Fuel prices might go down next week

After a string of price hikes since the start of the year, fuel prices might go down drastically in the coming week.

This was the prediction of Department of Energy Secretary Alfonso Cusi shared at President Rodrigo Duterte's “Talk to the People” program.

Cusi said that a possible price slide might happen after petroleum prices have dropped to $104.7 per barrel earlier. Last week’s average was at $122.61 for every barrel.

“Kung magtutuloy-tuloy po itong sa ganitong trend at umabot po ng $104, $105, $100 per barrel, makaka-experience po tayo ng pagbaba ng presyo next week (If the trend continues and reaches $104, $105, $100 per barrel, we will be able to experience a drop in prices next week)," he said.

“Sa gasolina, puwede po tayong bumaba ng mga P5 mahigit at sa diesel po, puwede naman pong magbaba ng P12 pataas (With gasoline, prices could go down by P5 or more. With diesel, we can experience a P12-or-more reduction),” he added.

Aside from that, Cusi also mentioned in the program that the department has been carrying out measures to ease the impact of the current crisis in Europe to ordinary Filipino consumers.

Among the measures that the government is implementing include the Pantawid Pasada program, encouraging oil firms to give discounts, as well as the monitoring of supply and retail of fuel products.

Further, the energy department secretary is pushing for the inclusion of minimum inventory requirements “aimed at stabilizing the country’s oil inventory.”

It was only last Tuesday when fuel companies jacked up the price of diesel by P13.15 per liter, kerosene by P10.50 per liter and gasoline by P7.10 per liter.

Last week, local industry players increased gasoline pump prices by P3.60 per liter, P5.85 per liter on diesel, and P4.10 on kerosene.

Photos from Presidential Communications Operations Office, Ruben D. Manahan IV

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