DOE expects big-time fuel price rollback during Holy Week
A worker pumps fuel at a gas station. (File photo from REUTERS/Gaby Oraa)
MANILA, Philippines — Big-time rollback for price of fuel products is expected during Holy Week, according to the Department of Energy (DOE).
According to DOE Oil Industry Management Bureau Assistant Director Rodela Romero, this projection is based on the four-day monitoring in the Mean of Platts Singapore.
READ: China slaps 125% tariffs on US goods but to ‘ignore’ further hikes
“Base sa apat na araw na monitoring, sure na may big-time rollback for next week,” Romero said in an interview with Radyo 630 on Friday.
(Based on the four-day monitoring on Mean of Platts Singapore, we will experience a rollback on all prices of fuel products.)
She said that the estimated price cuts are following:
- For gasoline: P3.30 to 3.75
- For diesel: P2.90 to 3.40
- For kerosene: P3.40 to 3.50
She noted that the price rollback is brought by the escalating trade tension between the United States and China.
She noted as factor the expected cut of the official selling price of Saudi Arabia for crude bound for Southeast Asia.
She also pointed to the increase of barrel production of the Organization of the Petroleum Exporting Countries from 135,000 barrels per day to 411,000 barrels per day as among the reasons.
READ: Gas, kerosene price rollback set April 8; diesel unchanged
Fuel retailers implemented a rollback for gasoline and kerosene last April 8.
