Further drop in oil prices seen next week

March 15, 2025 | 12:00am

MANILA, Philippines — Motorists can expect continued relief at the pumps next week as fuel prices are seen to decline for the third straight time.

The Department of Energy has estimated a potential price rollback of P0.10 to P0.40 per liter for gasoline, P0.20 to P0.60 per liter for diesel and P0.30 to P0.60 per liter for kerosene.

The estimates were based on the four-day trading in the global oil market.

Oil Industry Management Bureau assistant director Rodela Romero traced the expected adjustments to “growing signs that the US and global economies are struggling.”

This trend, Romero pointed out, could dampen fuel demand.

She said fears of a “supply glut” have also exerted downward pressure on prices, with OPEC+ planning to hike oil production starting next month.

Jetti Petroleum president Leo Bellas, meanwhile, said the rollback was a result of mounting concerns over US tariffs and countermeasures by affected countries.

“However, the weaker US dollar and data that showed a tighter-than-expected US oil and fuel inventories have helped prices from sliding down further,” Bellas said.

Yesterday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.

Last Tuesday, oil companies implemented a rollback of P1.70, P0.90 and P1.80 per liter for gasoline, diesel and kerosene prices, respectively.