Rollback in pump prices seen next week

Rollback in the prices of petroleum products is expected next week, according to the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) on Friday.

DOE-OIMB assistant director Rodela Romero said the following are the possible adjustments in pump prices based on the four-day trading in Mean of Platts Singapore: 

• Gasoline - more or less rollback of P0.30
• Diesel - more or less rollback of P0.60
• Kero - more or less rollback of P0.65

These estimates exclude the operating cost of the oil companies and other premiums, Romero noted.

According to Romero, the possible decrease in the prices of petroleum products is due to the easing of oil prices as investors shifted focus back to Russia-Ukraine peace talks.

The expected rollback in pump prices is also due to the decline of oil prices by 2% on Monday after Iraq restored production in one of its oilfields, which accounts for 0.5% of world oil supply, she added.

Final adjustments will be determined after the last trading day on Friday, according to Romero.

Oil companies announce official price adjustments every Monday, to be implemented on the following day. —VAL, GMA Integrated News