DAVAO CITY — Motorists should expect an oil price rollback next week but oil players have yet to announce the exact price of the decrease.
Rodela Romero, Director III of the Department of Energy-Oil Management Bureau said a rollback on the prices of gasoline, diesel, and kerosene is expected but as final price adjustments will be determined by Mean of Platts Singapore (MOPS) trading on Friday.
Romero cited the easing of the tension between Iran-Israel caused the depreciation of oil price as Tehran said it would not retaliate to Israel’s strike.
Oil prices have increased during the past few weeks as war broke off between Iran and Israel causing oil prices to shoot up.
The DOE expects the following rollback:
- Gasoline – P0.20 to P0.45
- Diesel – P0.40 to P0.60
- Kerosene – P0.70 to P0.90
Every time oil prices increase, prices of commodities follow as an aftermath as the cost of transport of goods is also affected.
Often poor families suffer the brunt of every price increase as wages remain steady.
