DOE projects oil price rollback next week

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Metro Manila (CNN Philippines, November 25)  An oil price rollback may take place next week, the Department of Energy (DOE) said Friday.

"For gasoline may range siguro na pwede mag-rollback ng P1 to P1.20; sa diesel P3.50 to P3.70; and then kerosene mga P2.20 to P2.40. Hopefully, ma-sustain ito for the trading this Friday," Asst. Director Rodela Romero of the DOE Oil Industry Management Bureau estimated during the Laging Handa public briefing.

[Translation: Gasoline may rollback from a range of P1 to P1.20, diesel at P3.50 to P3.70, and kerosene from P2.20 to P2.40. Hopefully, this can be sustained until trading this Friday.]

Romero explained that the projected price rollback could be linked to three different factors: the continuous surge of Covid-19 cases in China, the United States' increased fuel inventory which weakened overall demand, and the cap imposed on Russian crude.

“Base sa apat na araw na trading sa Singapore based sa Means of Platts Singapore na benchmark ng Asian countries, mukhang may inaasahan tayong rollback sa lahat ng produktong petrolyo,” she said.

[Translation: Based on four days of trading in Singapore based on the Means of Platts Singapore, the benchmark used in Asian countries, it looks like we can expect a rollback on all petroleum products.]

The Means of Platts Singapore is a pricing basis for petroleum products published by the Platts assessment and information agency.