Fuel prices could go down by P3 per liter next week, bucking the upward trend in the last 11 weeks, the country's small petroleum firms said Wednesday.
The rollback was pledged in the wake of a P13 per liter hike in the price of diesel and P7 for gasoline that pushed pump prices to roughly P80 per liter.
"More or less P3, sa ngayon pero 'di mo masasabi kasi hanggang Friday pa 'yan basta maganda pababa. Mga P2 o P3 for today, more or less," Fernando Martinez, chairman emeritus of the Independent Philippine Petroleum Companies Association, told GMA News.
The Department of Energy earlier attributed the price jump to the ongoing war between Russia and Ukraine, production shortfall, and low inventory.