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Oil prices forecast to fall by about P2/liter next week, second rollback of year

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ABS-CBN News

<p>MANILA (UPDATED)– Oil prices are forecast to go down by about P2 per liter next week, according to industry estimates. </p><div><strong>Estimated rollback of gas prices for April 5 </strong></div><ul>	<li>Gasoline - P2.50-P2.70/L</li>	<li>Diesel - P2.00-P2.20/L</li>	<li>Kerosene - P1.70-P1.90/L</li></ul><p>Industry players earlier estimated an increase in the price of diesel, based on 4 days of trading. </p><blockquote class="twitter-tweet"><p dir="ltr" lang="tl">Uy may ROLLBACK nga next week!<br/><br/>Eto estimates:<br/><br/>GASOLINA P2.50-P2.70/L⬇️<br/>DIESEL P2.00-P2.20/L⬇️<br/>KEROSENE P1.70-P1.90/L⬇️ <a href="https://t.co/j2zvUeGtRt">pic.twitter.com/j2zvUeGtRt</a></p>— alvin elchico (@alvinelchico) <a href="https://twitter.com/alvinelchico/status/1510090061676654592?ref_src=twsrc%5Etfw">April 2, 2022</a></blockquote><p><script async="" src="https://platform.twitter.com/widgets.js" charSet="utf-8" type="text/javascript"></script>This is only the second rollback in oil prices this year, as trade costs skyrocketed primarily because of the ongoing conflict between Russia and Ukraine. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/19/22/big-time-oil-price-rollback-projected-next-week">Big-time oil price rollback projected next week</a></li></ul><div><strong>WHAT THE DOE SAID </strong></div><p>DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the rollback happened after the US released its strategic petroleum reserve &quot;to balance the demand and supply&quot; in the world market. </p><p>Members of the International Energy Agency also followed suit by agreeing to release a portion of their petroleum stockpile. The exact amount is still unknown, according to Romero. </p><p>&quot;Dagdag sa dahilan ng pagbaba ng presyo ay yung nangyaring lockdown sa China, particularly yung commercial hub nila, Shanghai... dahil sa paglaganap ng COVID,&quot; she explained in a public briefing.</p><p>&quot;Dahil na-lockdown &#x27;yung mga nasa provinces in China, bumaba &#x27;yung demand. At sa simula ng linggo, isang kadahilanan ay &#x27;yung peace talks sa Russia at Ukraine,&quot; she added.</p><p>While fuel prices remain uncertain in the coming weeks, the energy official is hoping for continued rollbacks.</p><p>Oil analysts believe, however, that the rollbacks will be temporary since fighting continues between Russian and Ukrainian troops, she said.</p><p>&quot;Madami pong factors. Isang primary factor po ‘yung nangyayaring kaguluhan sa Russia at saka sa Ukraine kasi po 3 million barrels of crude po ng Russia ang mawawala sa merkado kapag po talaga na-implement ‘yung kanyang sanctions,&quot; she explained.</p><p>Surging oil prices fueled calls to suspend the domestic excise tax, which groups have claimed will cut down oil prices by as much as P10 if suspended. </p><p>But the government has refused to budge, citing recovery plans for an economy that had reeled during the COVID-19 pandemic. </p><div><strong>-- with a report from Michael Delizo and Alvin Elchico, ABS-CBN News</strong></div><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1977023" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div> </div>

Oil prices are estimated to go down by around P2 per liter next week, according to industry estimates. 