DOE forecasts oil price rollback next week; gasoline down over P1, diesel P0.50, kerosene P0.80

Oil prices are expected to fall for a second time next week following two recent increases, with gasoline decreasing by more than P1.00 per liter, diesel by P0.50 per liter, and kerosene by P0.80 per liter, according to the Department of Energy (DOE).

Rino Abad, Director of the DOE Oil Industry Management Bureau, attributed the rollback to a sustained ceasefire between Iran and Israel, which has led to increased oil production this July.

Despite OPEC's April decision to reduce production by 2.2 million barrels, daily output has risen by over 900,000 barrels.

Abad noted that the exact amount of the price rollback is still subject to adjustment based on one additional day of trading data.

Uncertainty remains regarding future price adjustments due to factors such as the end of reciprocal tariff suspensions in the United States, changes in US oil inventory levels, and fluctuations in Chinese export requirements.