Oil price rollback starts next week — DOE

A price rollback in petroleum products is expected next week after consecutive weeks of increases, according to Department of Energy (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero.

In an interview with DZRH news radio on Friday, Romero said gasoline prices could drop by P0.25 to P0.75 per liter, while diesel may decrease by P0.30 to P0.80 per liter. Kerosene prices are also likely to go down by P0.50 to P0.70 per liter.

Romero attributed the expected rollback to growing concerns over a potential oversupply in the global oil market. This is driven by increased crude production in the United States and signals that Saudi Arabia may boost its output to expand its global market share.

She added that new US policies, including imposed tariffs, have fueled concerns about a possible economic slowdown, which could lead to lower global oil demand.