Oil price rollback seen next week

MANILA, Philippines — Pump prices for fuel products may decrease next week, the Department of Energy Oil Industry Management Bureau assistant director Rodela Romero said.

Prices may go down by P0.20 to P0.45 per liter for gasoline, P0.40 to P0.60 per liter for diesel and P0.70 to P0.90 per liter for kerosene.

The lower prices are attributed to geopolitical events, namely the “easing fears” of an Iran-Israel escalation, said Romero.

Last week, an Iranian official said they have no immediate plans on retaliation against Israel following a drone strike.

Moreover, the “uncertainty in the demand outlook” in the oil market as well as the increase in the crude inventory of the United States relieved the oil price for next week.

“But energy analysts say that volatility on oil prices still prevails,” Romero added.

Final price adjustment will be announced on Monday and will take effect the next day.