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Energy dept predicts fuel prices may drop next week.
The Department of Energy (DOE) has predicted that fuel prices may drop next week, providing some much-needed relief to consumers who have been grappling with high fuel prices for the past few months.
According to the DOE, the price of gasoline may decrease by as much as 10 cents per liter, while diesel prices may drop by 20 cents per liter. This is due to the recent decline in global oil prices, which have fallen by around 10% in the past few weeks.
The DOE also cited the strengthening of the Philippine peso against the US dollar as another factor that could contribute to the expected price drop. A stronger peso means that oil importers can purchase more oil for the same amount of money, which could translate to lower fuel prices for consumers.
This news comes as a welcome relief to many Filipinos who have been struggling to cope with the high cost of living. Fuel prices have been on an upward trend since the start of the year, with gasoline prices reaching an all-time high of P62.97 per liter in March.
The high fuel prices have had a ripple effect on the economy, with transportation costs increasing and the prices of goods and services going up as well. This has put a strain on the budgets of many Filipino families, particularly those who rely on public transportation to get around.
If the DOE’s predictions hold true, the expected drop in fuel prices could provide some much-needed relief to consumers and help ease the burden of high living costs. However, it remains to be seen whether this trend will continue in the coming weeks and months.
In the meantime, consumers are advised to continue practicing fuel-efficient driving habits and to take advantage of any discounts or promotions offered by fuel companies. By being mindful of their fuel consumption, consumers can help stretch their budgets and cope with the high cost of living.