GAS prices are projected to dip by as much as P1.80 per liter by the end of this month, as interest rates in the United States hike.
Diesel is estimated to take a P1.30 to P1.60 per liter rollback while kerosene prices could take the biggest cut at P1.50 to P1.80 per liter.
Gasoline takes the smallest cut at P0.80 to P1 per liter.
“Ito ay kadahilanang ang US ay naglabas ng bagong interest rate hike sa monetary policy. Pag-address ito ng inflation. Second, nakita malaking build up sa imbentaryo ng US sa kanilang krudo,” Energy Department Assistant Director Rodela Romero said.
The United States recently hiked interest rates as inflation in the country remained high.
Energy director Rino Abad attributed the price drops to higher inventories in the United States. Russia’s plans to cut production also played a factor.
“Ang pagtaas ng inventory ng US, bumababa ang demand, naco-control ang inflation, wala ring nile-let go na interest hike policy sa US,” he said in a radio interview on Saturday, Feb. 25.
However, industry experts cannot say if there is a downward trend in oil prices just yet. (ABS-CBN News)
