Motorists will see a hefty drop in gasoline prices, while diesel prices will increase by about P2 per liter starting Tuesday.
In an advisory, the Department of Energy (DOE) said fuel retailers can implement a rollback of at least P4.30 per liter for gasoline.
Diesel, meanwhile, will have an upward price adjustment of as much as P2.60 per liter. A P1 per liter cut for kerosene will also take effect this week.
Jetti Petroleum president Leo Bellas said over the weekend that gasoline’s easing prices were due to ‘softening demand’ and boosted supply in Asia and the United States.
However, Bellas said worsening tensions in the Middle East, a major oil-producing region, continued to threaten supplies.