Oil prices set to decrease before end-January

MANILA — After three consecutive weekly price increases, motorists are getting a breather with pump prices set to decrease before the end of January, the Department of Energy said Friday.

PSEi closes higher at 6,378

Assistant Director Rodela Romero of the DOE Oil Industry Management Bureau said the following price rollbacks will be implemented on January 28, based on four days of trading on Mean of Platts Singapore:

Gasoline - P0.70 to P1.00/liter

Diesel - P0.20 to P0.55/liter

Kerosene - P0.40 to P0.50/liter

She, however, warned there is a possibility that diesel prices will remain unchanged.

Reopening of oil refineries and ports of the US Gulf Coast including Texas affected oil prices, the DOE official said.

Markets are also on wait-and-see mode for new tariffs to be imposed by the Trump administration.