MANILA — Diesel and kerosene prices are likely to retreat in the last week of September, the Department of Energy (DOE) said Friday, following renewed US-Iran diplomatic engagement.
Global oil prices fell sharply in the first two days of trading and could offset an uptick on Wednesday and Thursday, DOE Oil Industry Management Bureau Director Rino Abad said.
Oil prices retreat as markets welcome US-Iran talks
“Kahit nitong 2 days na nakaraan ay umaakyat ulit, pero dahil malaki yung ibiniba noong first 2 days, mataas ang tsansa pa rin na rollback tayo sa diesel at kerosene,” he told DZMM.
“Sa gasolina, hindi ho tayo pa sigurado. Hintayin po natin yung Friday trading… Ang nakikita natin dito sa gasolina, less than one peso ang rollback, pero meron pa rin. Yun nga lang, dahil alanganin ito, kailangan hintayin natin today ang trading,” he added.
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Fuel prices may go down by the following amounts next week, Abad said.
- Gasoline: P0.90 rollback
- Diesel: almost P8 rollback
- Kerosene: around P6 rollback
“Kung makumpara ito sa mga nakaraang rollback, isa ito sa mga level na malalaki,” Abad said.
Hopes for a deal to get Gulf oil and gas flowing freely through the Strait of Hormuz as global leaders gathered in New York had sent oil prices down in recent sessions.
But oil prices rose again mid-week as world leaders at the UN General Assembly offered little to suggest progress in ending turmoil in the Middle East.
Iranian President Masoud Pezeshkian struck a defiant tone at the UN, vowing Tehran would never "bend at the knee" to the United States as their stalled war dragged on.
On Tuesday, President Donald Trump had told the UN that he was weighing whether to "annihilate" Iran but went on to hail renewed talks with Tehran.
— With a report from Agence France-Presse