Big-time price rollback in gasoline seen next week; diesel, kerosene also down

Another round of price rollbacks in gasoline, diesel, and kerosene is expected next week, according to the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) on Friday.

According to DOE-OIMB Director III Rodela Romero, the following are the estimated ranges of rollback on May 14, based on the 4-day trading:

Gasoline - P 2.00 to 2.25 per liter
Diesel - P 0.50 to 0.85 per liter
Kerosene - P 0.90 to 1.00 per liter. 

The rollback is the third straight week of cuts for gasoline and fourth for both diesel and kerosene.

Romero said that "oil prices fell in Asian trade as industry data pointed to the sustained increase in US inventories," which contributed to the rollback. 

Other factors are the strength of dollar that downplayed expectations of lower interest rates, and the report from Hamas officials that accepted a new ceasefire proposal for Gaza, according to Romero. 

Romero added that final adjustments will be determined after today’s trading. —VAL, GMA Integrated News