DOE: Oil price rollback seen next week

Metro Manila, Philippines — Oil prices will likely fall next week, the Department of Energy said Friday, Oct. 18.

In its forecast, the DOE said gasoline prices might decline by ₱0.50 to ₱0.75 per liter, while diesel, within a range of ₱1 to ₱1.15 per liter.

Per-liter prices for kerosene are forecast to go down by ₱0.90 to ₱1.

The forecasts on oil price rollback followed significant increases this week.

According to the DOE, de-escalating tensions in the Middle East and potential crude supply surplus in early 2025 are possible reasons for the projections.

The agency has also attributed declining prices to weaker oil demand growth in 2025 due to vehicle efficiency upgrade and the slowing economy of China.

The total year-to-date adjustment of gasoline and diesel is at a net increase of ₱9.05 per liter and ₱6.75 per liter, respectively, the agency reported.

For kerosene, energy officials monitored a total net decrease of ₱2.75 per liter.