Oil price rollbacks likely next week

MANILA, Philippines — Oil companies are expected to lower pump prices next week.

Cleanfuel said running trend showed a possible P0.90 per liter rollback in gasoline prices and P1.50 per liter reduction for diesel.

An oil industry source, on the other hand, is estimating more than P1 per liter downward adjustments for diesel and kerosene, while gasoline prices could drop by P0.80 to P1 per liter.

The source cited expectations of further interest rate hikes in the US as among the factors for the decline in global oil prices this week.

Adjustments in local pump prices reflect the movement in the international oil market.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.