Up to P1 fuel price rollback seen next week

Pump prices of petroleum products are expected to roll back next week, according to the Department of Energy (DOE) on Friday.

The following are the estimated decreases:

• Gasoline - rollback of P0.70 to P1.00
• Diesel - rollback of P0.65 to P0.95
• Kerosene - rollback of P0.70 to P0.80

DOE-Oil Industry Management Bureau assistant director Rodela Romero said the estimates are based on the four-day trading in the international oil market.

The anticipated decreases could also be attributed to the OPEC+ lowering its oil demand forecasts for the fourth time, US Energy Information Administration trimming down its 2025 crude price forecast by $1.53 per barrel citing the potential for higher global oil production, and weak economy of China wherein investors maintained a pessimistic outlook on Chinese demand, she added.

Oil companies usually announce price adjustments every Monday to be implemented on the following day. —KBK, GMA Integrated News