Another oil price rollback seen next week

MANILA, Philippines — Motorists may see lower pump prices next week as prospects for diplomatic talks to end the months-long Middle East war gain momentum.

Based on four-day trading in the regional benchmark Mean of Platts Singapore, diesel prices are tipped to go down by P4 to P5 per liter.

Gasoline prices, meanwhile, are seen declining by P3 to P4 per liter.

The projected reductions may still change, with one trading day left. The Department of Energy is expected to announce the official price adjustments on Monday, ahead of their implementation the following day.

“Diplomatic headlines continue to push oil prices lower this week despite lingering supply risks,” Jetti Petroleum president Leo Bellas said.

However, attacks on Saudi energy infrastructure have heightened concerns over potential supply disruptions, causing oil prices to rebound, he added.

This week, gasoline, diesel and kerosene prices dropped by at least P16.80, P4.10 and P3.70 per liter, respectively.

The price cuts came amid a decline in global crude oil prices, driven by easing tensions between the United States and Iran.

Markets also reacted positively to the US midterm elections, in which President Donald Trump’s Republican Party suffered a crushing defeat.