Consumers can expect a rollback in the price of petroleum products next week by as much as P1 per liter due to the softening of world oil prices.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said that based on the four-day trading in the international oil market, gasoline prices will rollback by P0.70 to P1 per liter, diesel by P0.65 to P0.95 per liter and kerosene by P0.70 to P0.80 per liter.
Romero said this is driven by several factors such as the decision of the Organization of the Petroleum Exporting Countries and its allies to lower its oil demand forecast for the 4th time.
She said other factors include the US Energy Information Administration’s trimming of its 2025 crude price forecast by $1.53 per barrel citing the potential for higher global oil production and China’s weak economy as “investors maintained a pessimistic outlook on Chinese demand.”
Jetti Petroleum president Leo Bellas confirmed the possible price rollback due to concerns about weak global demand “but tight diesel and gasoline supply in the region due to lower exports from China provided a floor to prices.”
On Nov. 12, 2024, the oil firms increased the price of diesel by P2.10 per liter, gasoline by P1.50 per liter and kerosene by P1.20 per liter.
Year-to-date total adjustment for diesel stands at a net increase of P9.40 per liter and gasoline by P10.15 per liter.
On the other hand, kerosene has a total net decrease of P3.80 per liter.
