DOE: Big-Time Oil Price Rollback Next Week Possible

Oil prices in the country could go down next week if the global crude market prices continue to improve, Department of Energy (DOE) secretary Alfonso Cusi said Wednesday during President Rodrigo Duterte’s Talk to the People broadcasted Wednesday.

Cusi said that if the average price of Dubai crude which stood at USD104.79 per barrel continues to improve, the lower price compared to last week’s average price of USD122.61 per barrel may reflect on the Philippine market.

If the lower oil price continues, oil price rollback in the country may be possible where gasoline prices may decrease by PHP5 per liter, and PHP12 per liter for diesel.

The energy chief further added that the declining prices in the global oil market is due to factors such as COVID-19 lockdowns in China that made oil demands lower coupled with ongoing negotiations between Russian and Ukrainian officials regarding the European conflict.

All talks between Russia and Ukraine have so far yielded no results. (GFB)