MANILA, Philippines – Motorists may be in for a New Year’s Eve treat as Philippine authorities estimate incremental rollbacks in oil in the coming days.
“Base po sa apat na araw ng monitoring natin sa international oil market, makakaranas po tayo ng rollback sa presyo ng produktong petrolyo,” Director Rodela Romero of the Department of Energy’s Oil Industry Management Bureau said in an interview with DZBB.
(Based on our four days of monitoring the international oil market, we will experience rollbacks on the prices of petroleum products.)
The bureau estimated the following rollbacks:
- Gas – P0.30 to P0.65
- Diesel – P0.30 to P0.55
- Kerosene – P0.80 to P0.90
Romero wanted to emphasize that these were initial estimates that could still change. “But we still have another day of trading today, so hopefully the incremental rollbacks will not be wiped out,” she said in a mix of Filipino and English.
The oil management bureau attributed the rollbacks to the International Energy Agency’s expectation of an oversupply in the oil market in 2025.
Other factors that affect oil prices may still come into play, such as other countries’ demand for oil and geopolitical conflicts.
“Sa world supply and demand, makikita po talaga na mas mataas ang supply kaysa sa demand. Kaya kung ganoon, magpapatuloy ang ganoong sitwasyon, bababa ang presyo,” said Romero.
(In terms of world supply and demand, we can really see that supplies are higher than demand. So if this is the case, if the situation continues, oil prices will go lower.)
Oil companies release official adjustments every Monday, which means the next announcement will be on December 30. – Rappler.com