Another oil price cut seen next week

MANILA, Philippines — Another rollback of pump prices may be implemented next week, according to Department of Energy (DOE) – Oil Industry Management Bureau assistant director Rodela Romero.

Romero said prices may decrease by P0.20 to P0.45 per liter for gasoline, P0.50 to P0.70 for diesel and P0.60 to P0.70 for kerosene.

The DOE official said the expectation of an Israel-Gaza ceasefire caused the lowering of oil prices.

She cited easing uncertainties about interest rates in the United States and its rising oil stocks or inventory as other reasons for next week’s slightly lower prices.

Last Monday, oil companies implemented a rollback on pump prices by P0.25 per liter for gasoline, P0.45 for diesel and P0.90 for kerosene.

According to DOE’s latest year-to-date adjustment, gasoline, diesel and kerosene stood at a per liter net increase of P10.00, P5.60 and P0.25, respectively.