Fuel prices are seen to go down on February 7, 2023

For two consecutive weeks, motorists had to endure back-to-back fuel price hikes. Just last week, the price of gasoline went up by PHP 1.30 per liter while diesel prices soar to PHP 1 per liter. And the week before that, gasoline was hit with a massive PHP 2.80 increase while diesel received a PHP 2.25 price hike.

With gasoline and diesel prices going up by PHP 4.10 and PHP 3.25 per liter, accordingly over the course of two weeks, motorists are eagerly looking forward to a rollback very soon. Luckily for them, fuel prices are expected to go down next week.

Based on current estimates set for February 7, 2023, gasoline prices could decrease between PHP 1.90 to PHP 2.20 per liter. On the other hand, diesel prices might roll back between PHP 2.40 to PHP 2.70 per liter.

Should these estimates ring true next week, it will partially undo the huge fuel price hikes that have been imposed for the past couple of weeks. More importantly, it will give motorists some respite from the continuous see-saw affair in fuel prices.

With another week coming to a close, those that still have some fuel left in the tank might want to save as much as they can before the oil players slash prices in both gasoline and diesel products.