Oil price reduction seen next week

MANILA, Philippines — Lower pump prices are projected next week on the back of higher supply available in the global market.

Based on the four-day trading of Mean of Platts Singapore (MOPS), Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said estimates indicate a possible decrease of P0.20 to P0.40 per liter for gasoline, P0.10 to P0.35 per liter for diesel and P0.80 to P1 per liter for kerosene.

“The said adjustments are attributed to the fundamentals of supply and demand, where world oil supply is higher by one million barrels per day against world oil demand until end of December 2023,” she said.

However, the DOE official said “lingering factors such as the geopolitical conflict, the OPEC+ production cuts are pushing the prices upward.”

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.