Another oil price rollback set next week

MANILA, Philippines — Motorists can expect another major rollback on pump prices next week with global oil prices falling to their lowest levels this year.

Department of Energy-Oil Industry Management Bureau (OIMB) director Rino Abad revealed the coming price cut in a text message yesterday. It will be the seventh consecutive week of fuel price cut.

At the start of the week, world oil prices slid by over six percent on perceived global economic slowdown, Reuters reported.

The oil market briefly recovered midweek, but prices fell again to their lowest this year on Friday as the US pumped more supply into the system.

Based on its oil monitoring, the DOE said US crude inventories rose to their highest levels since December 2017 due to concerns over an emerging global glut.

The agency noted that the Organization of Petroleum Exporting Countries (OPEC) is considering a supply cut at its Dec. 6 meeting to temper the price drop.

Oil firms have rolled back gasoline prices by around P8 per liter, diesel prices by P6.20 per liter and kerosene by around P5 per liter for six successive weeks.

This further trimmed year-to-date increases to P2.60 per liter for gasoline, P6 per liter for diesel and P5.63 per liter for kerosene.