The Department of Energy expects another round of oil price rollback of as much as P0.70 per liter next week due to the softening in world oil prices.
This will be the second consecutive weekly price rollback for diesel and kerosene.
DOE said that based on the four-day of Mean of Platts Singapore trading, consumers can expect a rollback on the domestic pump prices, estimated at P0.20 to P0.45 for gasoline,P0.50 to P0.70 per liter for diesel and P0.60 to P0.70 per liter for kerosene.
DOE Director Rodela Romero said several factors contributed to the downward pressures on the global oil market.
This includes expectations of an Israel—Gaza ceasefire; uncertainties about the US interest rate reduction and the rising oil stocks/inventory of the US.
“Final adjustments will be determined after today’s trading,” Romero said.
On April 30, the oil companies implemented a per liter decrease in gasoline by P0.25, diesel by P0.45 and P0.90 for kerosene.
Year-to-date adjustment of gasoline, diesel and kerosene stand at a net increase of P10, P5.60 and P0.25, respectively.