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November 16, 2024 | 12:00am
MANILA, Philippines — Pump prices of petroleum products are expected to go down next week following recent hikes.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) estimated a per-liter rollback of P0.70 to P1 for gasoline, P0.65 to P0.95 for diesel and P0.70 to P0.80 for kerosene.
The estimates were based on the four-day trading in the international oil market.
DOE-OIMB assistant director Rodela Romero attributed the expected adjustment to the decision of producer group OPEC+ to cut its forecasts for global oil demand growth this year and next, marking four straight downward revisions.
The US Energy Information Administration, Romero said, also trimmed down its crude price forecast in 2025 by $1.53 per barrel, due to a potential increase in global output.
Another factor for the rollback is the “weak economy of China, wherein investors maintained a pessimistic outlook on Chinese demand,” she added.
Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.
Last Tuesday, gasoline, diesel and kerosene climbed by P1.50, P2.10 and P1.20 per liter, respectively.