Bigtime fuel price rollback seen during Holy Week

A huge rollback in pump prices is expected during the Holy Week, according to estimates from Department of Energy on Friday. 

The estimates are as follows:

• Gasoline - rollback of (3.30 to 3.75)
• Diesel - rollback of (2.90 to 3.40)
• Kerosene - rollback of (3.40 to 3.50)

Department of Energy - Oil Industry Management Bureau (DOE-OIMB) Asst. Director Rodela Romero made the estimates according to the 4-day trading in the Mean of Platts Singapore (MOPS). The relevant news for the week which contributed to the estimates are:

• Escalating trade tensions between US and China resulting to fear of recession and reduce demand for crude oil;
• Saudi Arabia is expected to cut by May its Official Selling Price for Asia-bound crude;
• OPEC to accelerate production by May from the initial commitment of 135,000 bbls/day to 441,000 bbls/day.

Fuel firms announce the official per liter price adjustments every Monday, to be implemented on the following day.

Earlier this week, oil firms implemented a slight decrease in their products. —VAL, GMA Integrated News