Motorists can expect a big-time rollback in pump prices next week — just in time for the Holy Week break — with gasoline, diesel, and kerosene all poised for significant cuts, the Department of Energy (DOE) said Friday.

DOE Oil Industry Management Bureau Director Rodela Romero said in a text message this morning that based on the four-day trading average of the Mean of Platts Singapore, “we will be expecting another round of rollbacks for prices of petroleum products in the pump.”

Romero said gasoline may go down by P3.30 to P3.75 per liter, diesel by P2.90 to P3.40 per liter, and kerosene by P3.40 to P3.50.

Once implemented, it would mark the second straight week of price reductions and one of the biggest potential rollbacks so far this year.

She pointed to several factors behind the downward trend in global oil prices. These include escalating trade tensions between the United States and China, which are stoking fears of a recession and reduced crude demand.

Romero also cited expectations that Saudi Arabia will cut its official selling price for Asia-bound crude by May, as well as the move by OPEC to accelerate its production increase to 441,000 barrels per day by next month — up from its earlier commitment of 135,000 barrels.

In a separate message, Jetti Petroleum Inc. President Leo Bellas shared a similar outlook, noting that the drop in oil prices was driven by mounting uncertainty in the global market.

He said price movement estimates for the week of 14 April, based on the first four days of MOPS and forex averages, showed gasoline declining by P3.80 to P4.00 per liter and diesel by P3.00 to P3.20 per liter.

“Prices have retreated considerably in the week as the deepening trade war between the US and China has significantly increased the fear and uncertainty over oil demand,” Bellas said.

“In the short term, the growing risk of weakening demand and rising production from OPEC+ could hinder a major rebound in oil prices.”

This week, fuel retailers slashed gasoline prices by P0.10 per liter and kerosene by P0.50 per liter, while diesel prices were left unchanged.