Oil price rollback expected on April 30

MANILA, Philippines — An oil price decrease could be implemented in the last week of April, according to the Department of Energy.

Citing four-day trading prices, the DOE said gasoline prices are seen to roll back by up to P0.45 per liter, diesel prices expected to have a price cut by a maximum of P0.60 per liter.

Kerosene prices might also see a decrease by up to P0.90 per liter.

The DOE attributed the expected the decrease in pump prices in the increase of U.S. crude supply and the easing of fears due to a possible conflict between Iran and Israel.

Last week, oil firms implemented mixed adjustments in crude prices.

Diesel and kerosene prices went down by P0.95 per liter and P1.10 per liter, respectively, while gasoline prices went up by P0.55 per liter.

Final price adjustments on pump products will be announced by oil companies on Monday and would be implemented by Tuesday next week.