Oil price rollback likely in coming months — Lotilla

MANILA, Philippines — After a series of increases in oil prices, expect that it will go down in the coming months, Energy Secretary Raphael Lotilla said on Wednesday.

During the organizational meeting of the Senate committee on energy, Senator Sherwin Gatchalian asked the Department of Energy what the oil price outlook in the next six months would be, noting that it “directly impacts” the cost of fuel in the country.

“On the oil price forecast, we would have to go by the forecast of the Development Budget Coordination Committee — which in the macro-economic forecast is the basis for the budget — and I think if I’m not mistaken, oil prices are on the decline,” Lotilla replied.

READ: Dip in world oil prices to temper PH trade deficit

“Generally, we agree with that. It’s on the decline,” he added without mentioning exact figures.

Currently, oil costs around $90 per barrel, noted Gatchalian who previously chaired the Senate committee on energy.

Oil firms in the country slashed prices of gasoline, diesel, and kerosene by P2 per liter this week.

According to analysis website Picodi.com, the average wage in the country can buy less petrol as its prices increase.

The soaring fuel costs started when Russia, a key crude producer, invaded Ukraine.

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EDV