Rollbacks in fuel prices seen next week

Motorists may see a rollback in pump prices next week, according to the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) on Friday.

DOE-Oil Industry Management Bureau (OIMB) assistant director Rodela Romero said the expected adjustments in fuel prices were based on the three-day Mean of Platts Singapore (MOPS) trading:

Gasoline: rollback of around P0.50
Diesel: rollback of around P0.15
Kerosene: rollback of around P0.20

Romero noted that these estimates exclude the operating cost of the oil companies and other premiums. 

The expected rollback is attributed to the easing geopolitical risks, expectations of a global oversupply, weak demand expectations in major consumers such as China, as well as OPEC+ policy and market balance.

Oil companies announce official price adjustments every Monday, which are implemented the following day. —VAL, GMA Integrated News