Pump prices may go down next week by more than P1 per liter, the Department of Energy said Friday.
“There might be no adjustment for gasoline. Indicative there is a rollback for diesel of more than P1 and kerosene more or less P1,” Rino Abad, DOE director for the Oil Industry Management Bureau, said.
Abad said the European Central Bank recently announced a hike in interest rates.
The impending review of the US Federal Reserves of its interest rates during a meeting from July 26 to July 27 also weighs on world oil price movements.
“Let’s see if this will push through,” Abad said, referring to the planned US interest rate hike.
On July 19, local oil companies rolled back prices for gasoline by P5 per liter, diesel by P2 per liter, and kerosene by P0.70 per liter.
These resulted in total year-to-date adjustments at a net increase of P19.30 per liter for gasoline, P34.80 per liter for diesel, and P29.35 per liter for kerosene.
Crude prices fell last week amid fresh lockdown fears in China and the release of US inflation data.
China detected the first case of the highly contagious omicron sub-type BA.5.2.1, triggering a surge in cases.
The release of the US inflation numbers, which stood at 9.1% in June, fueled recession fears.
