Tension in Middle East hampers rollback of fuel pump prices in PH

Tension in Middle East hampers rollback of fuel pump prices in PH

MANILA, Philippines — The government is not expecting a continuous rollback in the prices of petroleum products in the country due to the conflict in the Middle East, an official of the Department of Energy (DOE) said on Monday.

Beginning Tuesday, diesel and kerosene prices will be slashed, while gasoline prices will increase by up to 55 cents per liter.

READ: Diesel and kerosene prices slashed, gasoline increased by 55¢ per liter

“Hind pa ho natin masigurado kung ito ay tutuluy-tuloy na rollback. Again, hindi ho natin inaasahan dito dahil talaga ang trend ho talaga dahil sa mga event na ito, production cut ng OPEC (Organization of the Petroleum Exporting Countries), pagkakaroon ng conflict doon sa Middle East, hindi ho natin inaasahan na masigurado na matutuloy-tuloy ho ang rollback,” said DOE Oil Industry Management Bureau Director Rino Abad.

(We cannot guarantee that the rollback will be continuous. Again, we did not expect this because of these events, the production cut of OPEC, and the conflict in the Middle East; we do not expect the rollback to continue.)

READ: Iran, Israel appear to pull back from brink as US approves military aid

Abad explained that the rollback came as a surprise amid the Israel-Iran conflict. The rollback stemmed from a lowered global demand for oil.

However, Abad said that the government expects the market to correct itself.