AFTER three consecutive rounds of price hikes, consumers can expect a rollback in the prices of petroleum products next week, with reductions of up to P1 per liter, according to the Department of Energy (DOE).

Based on the latest trading data from the global oil market, the DOE has projected price reductions for gasoline, diesel, and kerosene.

Gasoline prices are expected to decrease by P0.70 to P1 per liter, diesel by P0.20 to P0.55 per liter, and kerosene by P0.40 to P0.50 per liter.

These estimates are based on market activity over the past four days.

Rodela Romero, assistant director of the Oil Industry Management Bureau, explained in a report by PhilStar that the price rollback is largely attributed to the reopening of refineries and ports in the US Gulf Coast after a winter storm earlier this week.

The recovery of these facilities has helped stabilize supply, affecting global oil prices.

Romero also noted that market participants are monitoring US President Donald Trump’s proposed tariffs, which could potentially impact global economic growth and, in turn, demand for energy.

The combination of these factors has led to the anticipated price reductions.

Earlier this week, oil companies raised fuel prices significantly, with gasoline prices increasing by P1.65 per liter, diesel by P2.70 per liter, and kerosene by P2.50 per liter.

The rollback next week will provide some relief to consumers who have been grappling with rising fuel costs.

Final price adjustments will be confirmed on Monday after the latest trading data is reviewed, with changes taking effect the following day.(CMM)

• Tags
• #Fuel Price Rollback
• #Department of Energy
• #Gasoline
• #Diesel
• #Kerosene
• #US Gulf Coast