Second oil price rollback expected next week

Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Jonathan Cellona, ABS-CBN News/File 

MANILA — Oil prices are expected to fall for a second time next week, following two big-time fuel hikes, said the Department of Energy (DOE).

In an interview with DZMM Teleradyo, Rino Abad, Director of the DOE Oil Industry Management Bureau, said the following rollbacks are highly expected Tuesday next week.

Gasoline – more than P1.00/liter

Diesel – P0.50/liter

Kerosene – P0.80/liter

“Subject pa ho iyan ng adjustment for the additional one day trading today,” he said.

The decrease in oil prices is still caused by the sustained ceasefire between Iran and Israel, said the director.

Abad explained the daily oil production has increased by more than 900,000 barrels a day this July, after the Organization of the Petroleum Exporting Countries (OPEC) agreed to reduce production by 2.2 million barrels in April.

Whether or not price rollback would continue in the following weeks remains unclear, due to the possible effects of the end of the reciprocal tariff suspension in the United States on July 9, an increase in US oil inventory, and low export requirements in China.

Fuel price rollback seen after two consecutive hikes

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