DOE sees major pump price rollback next week

MANILA, Philippines — The Department of Energy (DOE) expects a big time rollback in local fuel prices next week as global oil prices continue to ease.

The DOE's Oil and Management Bureau director Rino Abad said Friday, August 7 that pump prices are expected to go down by more than three to four pesos by next week.

“Relatively speaking, sa mga nakaraang mga rollback kumpara dito, mukhang malakihan na rin itong masasabi at mukhang tuloy-tuloy pa itong lalaki sa last day trading ngayon,” Abad told dzBB in an interview.

(Relatively speaking, compared to previous rollbacks, this one seems big and will continue to increase on today’s last trading day.)

This week, pump prices were only reduced by a few cantavos after two consecutive weeks of increases.

Abad said the agency will announce the exact amount of the price decrease on Monday at their weekly press briefing.

Abad said the temporary pause in the exchange of attacks between the United States-Israel and Iran had pushed global oil prices down.

“Ang nabago lang naman ho tumigil ho sila sa actual na atake,” Abad said.

(What has been changed is that they stopped the actual attacks.)

At the beginning of this week, US President Donald Trump announced that they had an agreement with Israel to halt new attacks against Iran on the condition that a deal to end the conflict is reached “rapidly”.

Iran, however, called Trump’s claims “nothing but a new lie” and said that their forces are ready for any potential attacks.

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