THE Department of Energy (DOE) announced that a bigtime rollback in pump prices is expected during the Holy Week.

According to estimates, gasoline prices will be reduced by P3.30 to P3.75 per liter, diesel by P2.90 to P3.40 per liter, and kerosene by P3.40 to P3.50 liter.

In a report by GMA News Online, DOE- Oil Industry Management Bureau (DOE-OIMB) Asst. Director Rodela Romero said the estimates were based on the four-day trading in the Mean of Platts Singapore.

The significant price rollback could be attributed to the escalating trade tensions between US and China that led to fear of recession and reduce demand for crude oil.

Saudi Arabia’s move to cut its official selling price for Asia-bound crude by May and the acceleration of the production of the Organization of the Petroleum Exporting Countries from the initial commitment of 135,000 bbls/day to 441,000 bbls/day by May also contributed to the fuel price decrease.

Final price adjustments will be announced on Monday and will be implemented on Tuesday.(MyTVCebu)

• Tags
• # Department of Energy
• #Rollback
• #Pump Prices
• #Fuel
• #Holy Week
• #Gasoline
• #Diesel
• #Kerosene
• #Oil Industry Management Bureau
• #Rodela Romero
• #Organization of the Petroleum Exporting Countries
• #Saudi Arabia
• #Asia