Gasoline prices could go down by over one peso per liter on Tuesday, a Department of Energy (DOE) official said Sunday.

In an interview with dzBB, Oil Management Bureau Director Rino Abad said the fuel price rollback could go as high as P1.40 per liter.

“For gasoline, the possible price range could be as high as P1.40. But I’m more comfortable with saying that it will be around P1.20 to P1.30,” Abad said.

Abad said he sees '' a good chance for the rollback to continue.''

“That is clear from what is happening. What is happening is that the lockdown in China is causing this situation now and at the same time, the US is claiming that the interest hike is already effective. They said they see a reverse in demand including fuel. When these two factors combine, demand will decrease,” he added.

Abad said the DOE is expecting liquefied petroleum gas (LPG) prices to increase because there is a build-up of inventory in November and December.

Abad said they are also waiting for the Organization of the Petroleum Exporting Countries (OPEC) to announce the result of their ministerial meeting on December 1. Jaspearl Tan/DMS