OIL PRICE WATCH: Another rollback seen next week
Motorists queue for fuel at a gas station in Pasig City on Oct. 10, 2022. Mark Demayo, ABS-CBN News/File MANILA — Diesel and kerosene prices are likely to retreat in the third week of November, an oil firm said Friday.
Jetti Petroleum said the following projection was based on the four-day monitoring in the Mean of Platts Singapore and foreign exchange averages.
- Diesel: P4 to P5 per liter rollback
- Gasoline:P3 to 4 per liter rollback
Week-on-week adjustments in ocean freight and insurance are not yet included in the estimate.
Hopes for a US peace deal with Iran pushed oil prices lower earlier this week despite lingering supply risks. However, prices rebound recently due to growing supply disruption as attacks on Saudi energy infrastructure and shipping through the Strait of Hormuz escalated.
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