Big-Time Oil Price Rollback Next Week

After 11 consecutive weeks of oil price hike, a big-time oil price rollback can be expected next week if the global market situation continues to improve.

During the interview with President Rodrigo Duterte that was broadcasted on Wednesday, the Department of Energy (DOE) Secretary Alfonso Cusi stated that a rollback of Php 12 per liter for diesel and Php 5 per liter for gasoline is possible during next week’s price adjustment.

Based on the world trading market, oil price drops. As per Secretary Cusi, “Kung magtutuloy-tuloy po ito sa ganitong trend at umabot po ng USD104, USD105 per barrel, makaka-experience po tayo ng pagbaba ng presyo next week” which Jetti Petroleum President Leo Bellas attested, he said “If the trend continues, there’s a big possibility that the rollback can be as high as P10 in diesel and more than P4 on gasoline,”.

Oil prices in the global market started to fluctuate due to the Covid-19 lockdown which slows down the oil demand. In addition, the tension between Russia and Ukraine also affects it.

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