According to the  Department of Energy’s Oil Industry Management Bureau (OIMB), some events across the globe have caused a dip in fuel prices hence we can expect a huge rollback next week.

During CNN Philippines’ New Day on Wednesday, the local agency said that global fuel prices have dropped. One of the main reasons is the COVID-19 surge in China. In addition, the Russian-Ukraine war has eased up after President Volodymyr Zelenskyy veered away from joining the North Atlantic Treaty Organization (NATO).

“The price of crude oil is actually very volatile, but it kept on increasing because of the sustained pronouncement from UK, US, European Union (on) sanctions against Russia,” OIMB Director Rino Abad said. “(This was) coupled with recent surges of COVID-19 in Singapore, but notable in China which imposed a massive lockdown. Those are the two main (drivers) this week in the recent report that immediately provided us reasons why the crude oil prices immediately went down from a day’s transaction, last week versus yesterday morning.”

Although they cannot ascertain the exact figures yet, Abad said we can expect “a massive rollback (that) would wipe out the entire increase we experienced this week.” And this rollback should be realized as early as Tuesday.

Meanwhile, Energy Secretary Alfonso Cusi has already announced in a televised Cabinet meeting with President Rodrigo Duterte that gasoline prices could decrease by at least Php 5, while diesel could decrease by Php12.