The Department of Energy (DOE) expects domestic pump prices to roll back next week by as much as P0.90 per liter to reflect the movement of world oil prices.
The DOE estimates the rollback at P0.20 to P0.45 for gasoline, P0.40 to P0.60 for diesel, and P0.70 to P0.90 for kerosene.
DOE director for the oil industry management bureau Rodela Romero said this is based on the movement of the four-day trading in the global oil market and final adjustments would be determined after the Friday Mean of Platts Singapore trading.
"Oil prices settled lower due to easing fears of an Iran-Israel escalation after Tehran said it would not seek to retaliate to Israel strike last week. Added on the said relief on the oil markets are the uncertainty in the demand outlook and the continuous increase in the inventory of crude of the US,” Romero said.
She said energy analysts, however, said that the volatility of oil prices still prevails.
On April 23, 2024, the oil companies implemented a per liter rollback in diesel of P0.95 per liter and kerosene of P1.10 per liter while gasoline prices increased by P0.55 per liter.
Year-to-date adjustments of gasoline, diesel and kerosene stand at a per liter net increase of P10.25 per liter, P6.05 per liter and P1.15 per liter, respectively.