Unioil Petroleum Philippines announced on Saturday that both gasoline and diesel prices are set to drop by over P1 per liter in the coming week.
The decrease is expected to be around P1.20 to P1.40 per liter for diesel and P1.40 to P1.50 per liter for gasoline.
The price adjustment is scheduled to take effect from May 2 to 8.
According to the Department of Energy's oil price monitoring report as of April 25, there has been a net decrease of P3.05 per liter in local diesel prices year-to-date.
Meanwhile, gasoline prices have increased by a net of P7.55 per liter.
The DOE attributed the rise in oil prices to the depreciation of the Philippine peso against the US dollar, with the peso declining by 95 centavos to P56.01 from P55.06 in the previous week.
