Oil price rollback seen next week

A hefty reduction in the prices of petroleum products awaits motorists next week.

During the Laging Handa public briefing, Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said prices of diesel could go down by P3.50 to P3.70 per liter, kerosene by P2.20 to P2.40 per liter, and gasoline by P1 to P1.20 per liter next week based on the first four trading days of the week.

The final adjustments will be implemented by oil companies on Tuesday.

Romero attributed the upcoming downward movement to the surge in COVID-19 cases in mainland China, higher US oil inventory which lowers demand, and the price cap on Russian crude.

She said prices of petroleum products are purely based on movements in international oil market.

Local oil companies last Tuesday implemented a per liter decrease in gasoline by P0.40, diesel by P2.15 and kerosene by P2.10.