THE Department of Energy (DOE) said there are indications of a possible rollback in prices of petroleum products by next week.
According to Rino Abad, director of the DOE Oil Industry Management Bureau, the price of crude in the world market also went down based on three days of trading.
“Prices are going down. I hope the low prices continues today up to tomorrow to maintain the price decline so we can be sure that there will be a rollback next week,” according to Abad.
“I won’t mention any figure but there are clear indications that there will be a rollback as far as three trading days are concerned,” Abad added.
Abad pointed out that the peace talks Russia and Ukraine may be influencing oil trading this week. However, reports that the peace talks between the two countries are hitting a snag may affect the chances of a rollback.
Based on DOE data, price increases reached P18.30 per liter for gasoline, P27.85 per liter for diesel and P25.75 per liter for kerosene this year.