Prices of petroleum products are expected to go down by the end of the month, the Department of Energy confirmed on Saturday.

According to industry sources, prices for per liter of petroleum products will go down by as much as P1.80 per liter by February 28, 2023, Tuesday.

This is even as interest rates in the United States increases

Meanwhile, diesel is estimated to take a P1.30 to P1.60 per liter rollback.

Kerosene on the other hand, will have a price slash of P1.50 to P1.80 per liter.

Gasoline takes the smallest cut at P0.80 to P1 per liter.

“Ito ay kadahilanan 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.

They also said that the United States recently hiked interest rates as inflation in the country remained high.

Energy Director Rino Abad said the price drops is due to the 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, nacocontrol ang inflation, wala ring nilelet go na interest hike policy sa US,” he said in an interview.

CURRENTPH NEWS SERVICE