The Department of Energy (DOE) announced today, August 9, 2024, that oil prices are expected to decrease next week.

According to the DOE’s Oil Industry Management Bureau, the estimated price reductions for petroleum products are as follows:

• Gasoline: P2.30 to P2.50 per liter
• Diesel: P1.90 to P2.10 per liter
• Kerosene: P2.35 to P2.40 per liter

However, despite the strengthening of the peso against the US dollar, this development is not expected to lead to lower prices for basic commodities.