Fuel prices forecasted to go down next week

Gasoline and diesel fuel prices are still at an all-time high, largely thanks to the ongoing conflict between Russia and Ukraine. But there’s good news: fuel prices may go down next week, just in time for the Christmas holiday rush.

In recent estimates by industry experts, the price per liter of diesel may roll back to as much as PHP 3.30, while gasoline prices may roll back to as much as PHP 1.70 per liter.

Currently, the price of Brent crude oil is hovering around USD 76 per barrel which is slightly lower compared to yesterday's price. Combined with the fact that a global economic slowdown could further cut fuel demand, the price of fuel may still continue to go down.

If these estimates by industry experts come true, we may see the price of gasoline (on average) go less than PHP 60.00 per liter, while diesel prices may go between PHP 65.00 to PHP 68.00, depending on where you are.