A HUGE rollback in pump prices is expected during the Holy Week, according to estimates from Department of Energy (DOE) yesterday.
The estimates are as follows:
* gasoline – rollback of (3.30 to 3.75)
* diesel – rollback of (2.90 to 3.40)
* kerosene – rollback of (3.40 to 3.50)
DOE – Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero made the estimates according to the four-day trading in the Mean of Platts Singapore (MOPS). The relevant news for the week which contributed to the estimates are the following:
* Escalating trade tensions between US and China resulting to fear of recession and reduce demand for crude oil;
* Saudi Arabia is expected to cut by May its Official Selling Price for Asia-bound crude; and
* OPEC to accelerate production by May from the initial commitment of 135,000 bbls/day to 441,000 bbls/day.
Fuel firms announce the official per liter price adjustments every Monday, to be implemented on the following day.
Earlier this week, oil firms implemented a slight decrease in their products. (GMA Integrated News)
