Slight oil price rollback seen next week after 7 consecutive hikes

MANILA, October 11 ------ Oil prices are finally expected to go down after seven consecutive weeks of price increase, according to the Department of Energy.

Based on the four-day trade monitoring of the Means of Platts Singapore, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the following rollback may be expected next week:

• Gasoline – P0.17/per liter

• Diesel – P0.54/ per liter

Kerosene – P0.47/ per liter

Romero noted that diesel and kerosene prices in the local market could either go down or show no adjustment, while gasoline may still increase due to the cost of business and other premium costs. “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.

The DOE official said the rollback was caused by the oversupply of oil products in the global market following Iraq’s resumption of exporting oil from its Kurdish region. The Organization of the Petroleum Exporting Countries and its allies (OPEC+) also announced it will increase its oil production by 137,000 barrels per day in November.

Romero said the United States also increased its oil inventory amid the government shutdown after its Congress failed to pass a funding resolution. Israel and Hamas’ ceasefire in the war in Gaza also brought the oil prices, she said.

Source: news.abs-cbn.com