Fuel prices may again move in different directions this week, according to a local fuel retailer.
Gasoline prices are expected to increase by P1 to P4 per liter, while diesel prices may drop by P6 to P8 per liter based on global market trends last week.
The retailer said diesel prices fell as crude oil prices eased following diplomatic developments involving the United States and Iran. Lower cargo premiums also helped pull diesel prices down.
Gasoline prices, however, are expected to rise due to tighter supply and higher seasonal demand.
No price forecast was given for kerosene.
Last week, gasoline prices rose by P2.21 per liter and diesel by P2.66 per liter, while kerosene prices dropped by P3.53 per liter.
Latest data from the Department of Energy (DOE) showed fuel prices in Metro Manila from April 28 to May 4 averaging P71 per liter for gasoline, P86.90 for diesel, and P131.10 for kerosene.
Meanwhile, the DOE said it continues to study long-term measures to lower electricity prices and improve supply reliability.
The agency said any proposal to remove or adjust value-added tax (VAT) on electricity must be carefully reviewed to ensure consumers fully benefit from lower costs.
The DOE added that its interventions during the Middle East conflict helped prevent a possible P7 per kilowatt-hour increase in electricity rates.
