Oil price rollback expected next week

Patrick Miguel - The Philippine Star
Oil price rollback expected next week
Motorists get their tanks filled at a gas station along Commonwealth Avenue on February 19, 2024, a day before the expected fuel price hike for gasoline, diesel, and kerosene.
Michael Varcas / The Philippine STAR

MANILA, Philippines — Fuel price rollbacks are expected next week. 

Pump price reductions of around P0.70 to P0.90 per liter for gasoline, P1 to P1.20 per liter for diesel and P0.90 to P1 per liter for kerosene are expected next week, according to Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero. 

However, Romero said trading yesterday might change the estimates. 

“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” she said. 

Last Tuesday, oil prices increased by P1.60 per liter for gasoline, P1.10 per liter for diesel and P1.05 per liter for kerosene.

The last rollback took effect two weeks ago, with oil prices decreasing by P0.60 per liter for gasoline, P0.10 per liter for diesel and P0.40 per liter for kerosene. 

Romero’s estimations were based on a four-day trading by Mean of Platts Singapore.

The final price decrease will be announced on Monday by oil companies and will take effect the next day.  

Meanwhile, further hikes in oil prices are expected throughout the first half of the year as global oil prices continue on an uptrend.

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