Consumers can expect a big-time oil price rollback next week of up to P4 per liter due to the impact of escalating trade tensions between the US and China which could slowdown global oil demand.
This will be the second week of consecutive oil price rollback due to the volatility in world oil prices.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said that based on the four-day trading in the Mean of Platts Singapore (MOPS), “we will be expecting another round of rollbacks for prices of petroleum products at the pump.”
Romero estimated the rollback to reach P3.30 to P3.75 per liter for gasoline, P2.90 to P3.40 per liter for diesel and P3.40 to P3.50 per liter for kerosene but Jetti Petroleum forecasts a bigger reduction of P3.80 to P4 per liter for gasoline and P3 to P3.20 per liter for diesel.
She said several factors can be attributed to the softening in world oil prices, specifically the escalating trade tensions between US and China resulting to fear of recession and reduce demand for crude oil; the expected cut by Saudi Arabia by May of the selling price for Asia-bound crude; and the decision of the Organization of the Petroleum Exporting Countries to accelerate production by May from the initial commitment of 135,000 barrels per day to 441,000 bbls per day.
Romero said final adjustments will be determined after yesterday’s trading.
Jetti Petroleum president Leo Bellas said world oil prices have retreated considerably in the week as the deepening trade war between the US and China has significantly increased fears and uncertainty over oil demand.
“In the short term, the growing risk of weakening demand and rising production from OPEC+ could hinder a major rebound in oil prices,” Bellas said.
On April 8, 2025, local oil companies implemented a price decrease of P0.10 per liter for gasoline and P0.50 per liter for kerosene but there was no adjustment for diesel.
Year-to-date, gasoline has a total net increase of P4.55 per liter, diesel total net increase of P4.45 while kerosene has a total net increase of P0.40 per liter.