The Department of Energy announced that a bigtime fuel price drop is expected on Holy Tuesday.

In a radio interview, Department of Energy - Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said that a rollback of P3.30 to 3.75 per liter of gasoline can be expected.

Meanwhile, a rollback of P2.90 to 3.40 per liter can be expected for diesel, and a drop of P3.40 to 3.50 per liter is estimated for kerosene.

Escalating trade tensions between US and China was cited as a possible reason for the estimated price drop according to the four-day trading in the Mean of Platts Singapore (MOPS).

"It has caused fears of rescission and lowered the demand for crude," Romero said.

The Organization of the Petroleum Exporting Countries' (OPEC) plans to accelerate oil production by May has also contributed to the fuel price rollback.

"Saudi Arabia is also expecting to lower the selling price of oil today, especially in crude oil bound for Asia. OPEC's previous commitment of 135 thousand barrels of oil per day has now become 441 thousand barrels per day," Romero added.

Fuel firms will be announcing the official per liter price adjustments on Monday to be implemented the following day.

Oil firms previously implemented a slight decrease in fuel products Tuesday this week. Yzabela Velez-White/DMS