Big-time oil price cut expected on May 14

MANILA, Philippines — Another big-time oil price rollback is expected during the second week of May.

Citing four-day trading prices, the Department of Energy announced on Friday that gasoline prices could decrease by up to P2.25 per liter, while diesel prices may see a maximum reduction of P0.85 per liter.

Meanwhile, kerosene prices are also anticipated to decrease by as much as P1.00 per liter.

Last week, oil companies also rolled back its pump prices.

The following are the adjustments in oil prices:

• Diesel prices - Down by P0.90 per liter
• Gasoline prices - Down 0.75 by P per liter
• Kerosene prices- Down by P1.05 per liter

Final price adjustments next week will be announced by oil companies on Monday and would be implemented by Tuesday next week.