FINALLY! After nearly two months of hikes, oil prices due for rollback

National

MODERATE relief may be on the horizon for consumers at the gas station.

After nearly two months of uninterrupted hikes, the Department of Energy (DOE) announced that oil prices could dip slightly next week.

Rodela Romero, Assistant Director of the DOE’s Oil Industry Management Bureau, said monitoring of the Means of Platts Singapore over four trading days indicates that gasoline may decrease by P0.17 per liter, diesel by P0.54 per liter, and kerosene by P0.47 per liter.

Romero cautioned, however, that diesel and kerosene prices could either drop or remain unchanged, while gasoline may still see an increase due to business costs and other premiums.

“Yung gasoline, hindi pa kasama talaga sa estimate yung cost of doing business ng oil companies at the same time yung mga other premium. So ang malaking tsansa na sure na magkaroon ng rollback o kung sakali man walang adjustment, yung diesel tsaka kerosene,” she said in a report by abs-cbn.com.

The DOE attributed the potential rollback to multiple factors affecting the global oil market. Iraq has resumed oil exports from its Kurdish region, increasing supply.

Additionally, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced plans to raise production by 137,000 barrels per day in November.

Romero also noted that the United States has boosted its oil inventory following a government shutdown caused by Congress failing to pass a funding resolution.

International developments, including a ceasefire between Israel and Hamas in Gaza, further contributed to easing oil prices.(MyTVCebu)