After 3 straight hikes, oil prices set to drop by P2 this week

MANILA, February 6 ------ After three weeks of increase, gas prices are expected to drop by as much as P2.20 per liter next week.

Diesel prices are expected to take a huge drop at P2.60 to P3 per liter. Gasoline prices may decrease by P1.80 to P2.20 per liter, and kerosene prices, by P2.40 to P2.80 per liter. The Department of Energy earlier attributed this to global recession fears.

Gasoline prices increased over the last three weeks, as China eased its zero-COVID policy and hiked up demand for oil as a result.

Source: news.abs-cbn.com