Initial expectations of a rollback in fuel pump prices in the coming week became uncertain due to conflicting factors affecting petroleum trading in the international market.
Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero on Friday said oil trading in the past four days “gives uncertainty on the amount of adjustments in the prices of petroleum products.”Citing industry estimates, Romero said the price per liter of gasoline may have “no change or increase of P0.10 or rollback of P0.10.”For diesel, a price reduction of P0.20 to P0.40 may be expected.Kerosene, likewise, may have “no change or rollback of P0.10 .
“The primary reason for the rollbacks is the forecast of US DOE Energy Information Administration that US crude production will rise in 2024 and 2025 and will offset to some extent the OPEC+ production cut,” Romero said. The same forecast, however, indicated that there will be a global oil deficit of 260,000 barrels per day this year and a surplus of 360,000 bpd in 2025, according to the Energy official.
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