Consumers can expect a big-time oil price rollback next week by as much as P1.70 per liter in anticipation of a slowdown in global oil demand, the Department of Energy said yesterday.
“Based on the four-day trading in MOPS, we will be experiencing a rollback in the prices of petroleum products by next week,” Department of Energy director Rodela Romero said.
Romero estimates the rollback for gasoline at P1.40 to P1.70 per liter, diesel by P0.90 to P1.20 per liter and kerosene by P1.50 to P1.70 per liter.
Romero said the rollback will be driven by the buildup of US commercial crude oil stockpiles; plans of the Organization of the Petroleum Exporting Countries and its allies to increase their outputs by April; and the US trade tariffs on Canada, China and Mexico that have triggered instability in the world market.
Jetti Petroleum president Leo Bellas confirmed the rollback next week based on the movement of Mean of Platts Singapore and foreign exchange during the week of March 3 to 6, 2025.
Bellas said they are looking at a price rollback of P1.40 to P1.60 per liter for gasoline and P0.70 to P0.90 per liter for diesel.
“Oil prices declined on concerns that the US tariffs, and counter-tariffs by affected countries, will slow down economic growth and reduce fuel demand. The decision by OPEC+ to raise output starting April 2025 and the more-than-expected rise in US oil inventory further weighed on oil prices,” he said.
On March 4, the oil firms also rolled back pump prices amounting to kerosene by P1.40 per liter, gasoline by P0.90 per liter and diesel by P0.80 per liter.
Year-to-date, gasoline has a total net increase of P3.85 per liter, diesel by P3.97 per liter while kerosene has total net increase of P1.40 per liter.