A rollback in petroleum product prices is expected to take effect on May 13, the day after voters head to the polls.
Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said motorists may see a ₱0.30 to ₱0.75 per liter rollback in gasoline prices.
In addition, a rollback of ₱1.00 to ₱1.35 per liter is projected for diesel, while kerosene prices could fall by ₱1.30 to ₱1.45 per liter.
One of the factors cited by Romero is the decision of the Organization of the Petroleum Exporting Countries (OPEC) to increase oil production next month.
Another contributing factor is the uncertain impact of U.S. tariffs, which has sparked concerns over a possible oversupply of oil.
Ultimately, the uncertain outcome of trade talks between the U.S. and China—two of the world’s largest oil consumers—was also cited as a key reason.
