Rollback in pump prices seen Christmas week

Prices of fuel products are expected to go down during the Christmas 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 next week:

• Gasoline - more or less rollback of P1.20
• Diesel - more or less rollback of P1.70
• Kerosene - more or less rollback of P1.75

“The bearish theme dominated all week is attributed with robust supply and weak demand overshadowing temporary geopolitical spikes,” Romero said.

“Added to it is an optimism over a peace agreement between Russia and Ukraine,” she added.

The DOE official noted that the projection was based on four days of trading in the Mean of Platts Singapore (MOPS) but may still change as the remaining trading days are completed.

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