MANILA (UPDATED)– Oil prices are forecast to go down by about P2 per liter next week, according to industry estimates.

Estimated rollback of gas prices for April 5

• Gasoline - P2.50-P2.70/L
• Diesel - P2.00-P2.20/L
• Kerosene - P1.70-P1.90/L

Industry players earlier estimated an increase in the price of diesel, based on 4 days of trading.

Uy may ROLLBACK nga next week!

Eto estimates:

GASOLINA P2.50-P2.70/L⬇️
DIESEL P2.00-P2.20/L⬇️
KEROSENE P1.70-P1.90/L⬇️ pic.twitter.com/j2zvUeGtRt

— alvin elchico (@alvinelchico) April 2, 2022

This is only the second rollback in oil prices this year, as trade costs skyrocketed primarily because of the ongoing conflict between Russia and Ukraine.

• Big-time oil price rollback projected next week

WHAT THE DOE SAID

DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the rollback happened after the US released its strategic petroleum reserve "to balance the demand and supply" in the world market.

Members of the International Energy Agency also followed suit by agreeing to release a portion of their petroleum stockpile. The exact amount is still unknown, according to Romero.

"Dagdag sa dahilan ng pagbaba ng presyo ay yung nangyaring lockdown sa China, particularly yung commercial hub nila, Shanghai... dahil sa paglaganap ng COVID," she explained in a public briefing.

"Dahil na-lockdown 'yung mga nasa provinces in China, bumaba 'yung demand. At sa simula ng linggo, isang kadahilanan ay 'yung peace talks sa Russia at Ukraine," she added.

While fuel prices remain uncertain in the coming weeks, the energy official is hoping for continued rollbacks.

Oil analysts believe, however, that the rollbacks will be temporary since fighting continues between Russian and Ukrainian troops, she said.

"Madami pong factors. Isang primary factor po ‘yung nangyayaring kaguluhan sa Russia at saka sa Ukraine kasi po 3 million barrels of crude po ng Russia ang mawawala sa merkado kapag po talaga na-implement ‘yung kanyang sanctions," she explained.

Surging oil prices fueled calls to suspend the domestic excise tax, which groups have claimed will cut down oil prices by as much as P10 if suspended.

But the government has refused to budge, citing recovery plans for an economy that had reeled during the COVID-19 pandemic.

-- with a report from Michael Delizo and Alvin Elchico, ABS-CBN News

RELATED VIDEO:

Watch more in iWantv or TFC.tv