Oil price rollback expected next week
Credit to Author: Patrick Miguel| Date: Sat, 10 Feb 2024 00:00:00 +0800
MANILA, Philippines — Lower pump prices for petroleum products are expected next week, with the Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero estimating an oil price decrease of around P1 to P1.20 per liter for gasoline, P0.40 to P0.60 per liter for diesel, and P0.45 to P0.65 per liter for kerosene.
Last Tuesday, pump prices increased by P0.75 per liter for gasoline, P1.50 per liter for diesel, and P0.75 to P0.80 for kerosene.
However, Romero said trading yesterday might change the estimates.
The buildup of US crude inventories, increase of US oil production and the slowing oil demand growth caused the rollback, she said.
“The following reasons make the oil market on a bullish mode, namely the Israel-Hamas tension, the production cut of OPEC member countries and India’s oil demand growth,” Romero said.
The decrease was predicted following a four-day trading of the Mean of Platts Singapore.
The final price decrease will be announced on Monday by oil companies, and will take effect the next day.