GOOD news for motorists as pump prices of fuel are projected to drop by more than P5, according to industry estimates.

In its fuel forecast for July 12-18, 2022, Unioil Philippines said that diesel are expected to go down by P5.90 to P6 per liter.

Gasoline is also forecast to drop by P5.50 to P5.70 per liter.

The Department of Energy earlier confirmed that there will be a big-time price rollback on all fuel products this week.

Oil companies usually announce price adjustments every Monday, to be implemented the following day.

Effective last Tuesday, July 5, fuel firms implemented a price reduction on diesel by P3 per liter while no price movement has been imposed on gasoline.

This brought the year-to-date adjustments to stand at a net increase of P42.90 per liter for diesel and P30 per liter for gasoline.