Another oil price rollback seen next week

Motorists will be greeted with another round of possible rollback in the prices of petroleum products next week, the Department of Energy (DOE) said Saturday.

Energy Undersecretary Felix Fuentebella estimated that gasoline prices will be cut down by P0.29 per liter, diesel by P0.44 per liter, and kerosene by P0.49 per liter.

"Said estimates may still change with the completion of the whole week assessment on Monday," Fuentebella added.

Oil supply in Asia continued to outweigh demand, thus the expected rollback, the Energy official noted.

Data from the DOE show diesel prices in the country currently range from P28.75 to P34.65 per liter, and gasoline from P40.15 to P49.25. —ALG, GMA News