MANILA, Nov. 28 -- Domestic diesel prices are seen to decline by as much as PHP3.20 per liter next week on easing worries regarding the Russia-Ukraine war since the US is firm on hammering out a peace deal.

Citing price movements as of Thursday, Jetti Petroleum president Leo Bellas, in a statement on Friday, forecasts diesel prices to be rolled back between PHP3 to PHP3.20 per liter, but prices of gasoline are seen to rise by as much as PHP0.10 per liter.

Bellas cited the big drop in diesel prices in the international market due to correction "on hopes of a US-brokered ceasefire in Ukraine."

Reports said US and Ukraine officials are scheduled to meet this week to discuss a format for a peace deal.

This development also benefited gasol...