• Oil price rollback seen next week

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    MOTORISTS can expect another rollback in prices of petroleum products next week.

    Fernando Martinez, chairman and chief executive of independent oil firm Eastern Petroleum, on Friday confirmed that there would be a reduction in pump prices.

    Martinez said the rollback would see lower prices compared to adjustments made by the oil firms last Tuesday.

    He, however, refused to give detail on how much the reduction would be.

    The rollback was primarily driven by cheap oil.

    Oil prices rose during Thursday’s trading.

    Despite gains, US and Brent prices are down more than 17 and 15 percent, respectively, from their June peaks as oversupply of around 2.5 million barrels per day remains in place.

    Also, market prices are in the prospect of a gradual return of Iranian exports from 2016 in light of a nuclear deal between Iran and six global powers.

    Iran, a member of the Organization of the Petroleum-Exporting Countries, has some of the world’s biggest oil reserves.

    Analysts said Iran’s oil production has a big impact on international oil prices.

    Also last Tuesday, the oil firms slashed diesel prices by P1.50 per liter, P1.60 per liter for kerosene and 55 centavos per liter for gasoline.

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