Pump prices are likely to decline next week, breaking a two-week streak of increases, as global oil markets react to weak demand and easing geopolitical tensions.

Department of Energy Oil Industry Management Bureau Director Rodela Romero said a rollback in petroleum prices is expected based on the first four days of trading in the Mean of Platts Singapore and other market developments.

“We will be expecting a rollback in the prices of petroleum products by next week,” said Romero, citing lower demand in South Korea, high US fuel inventories, progress in the Ukraine-Russia ceasefire talks, and the potential impact of upcoming US tariffs on demand.

According to initial estimates, gasoline and diesel prices could drop by P0.90 to P1.20 per liter, while kerosene may see a rollback of P1.30 to P1.50 per liter. Final adjustments will be determined after Friday’s trading.

Jetti Petroleum president Leo Bellas also projected a price reduction, with diesel expected to decline by P0.70 to P0.90 per liter and gasoline by P0.80 to P1 per liter.

“Oil prices fell this week following reports of weak economic growth in the US that fed fears of slower demand,” Bellas said.

He added that optimism over the possible lifting of Russian sanctions and expectations of higher global oil output also contributed to the price drop.

Despite fresh US sanctions on Iran, market concerns over tight supply have eased due to the ongoing trade war’s potential impact on oil demand.

Fuel prices are up for the second straight week, with oil firms raising gasoline by P0.70 per liter, diesel by P0.40, and kerosene by P0.20 starting last Tuesday.