Consumers can expect an oil price rollback of as much as P1 per liter on Tuesday after three consecutive weeks of oil price hikes due to the softening in world oil prices.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said that based on the four-day trading in Mean of Platts Singapore and relevant news in the international oil market, they are expecting a rollback in the prices of petroleum products next week.
Romero said gasoline will have a rollback from P0.70 to P1 per liter for gasoline, P0.20 to P0.55 per liter for diesel and P0.40 to P0.50 per liter for kerosene.
She said the estimated adjustments can be attributed to the re-opening of refineries and ports in US Gulf Coast on Wednesday after a winter storm; and the market’s reaction on how US President Donald Trump’s proposed tariffs could affect global economic growth and demand for energy.
“Final adjustments will be determined after today’s trading and the oil companies operating expenses,” Romero said.
Meanwhile, Jetti Petroleum president Leo Bellas expects a lower rollback of P0.20 to P0.30 per liter for diesel and P0.80 to P0.90 per liter for gasoline.
Bellas said uncertainty over how the tariffs proposed by US President Donald Trump would affect global economic growth and energy demand, easing of geopolitical tensions in the Middle East (which could possibly lighten disruptions to the shipping route along the Red Sea) and easing of diesel and gasoline price benchmarks as regional supply remains sufficient drove pump prices downward.
On Jan. 21, 2025, the oil companies implemented an increase of P1.65 per liter for gasoline while diesel increased of P2.70 per liter and kerosene increased by P2.50 per liter.
Gasoline has a total net increase of P3.45 per liter; diesel P5 per liter and kerosene has a total net increase of P4.30 per liter to date.