The Department of Energy (DOE) is forecasting a P4 to P5 decrease in pump prices in the coming weeks following the ceasefire between Israel and Iran.

In an interview with Bagong Pilipinas Ngayon on Monday, Oil Industry Management Bureau head Rino Abad said that another set of oil price rollbacks is expected in the coming weeks after the scheduled rollback on Tuesday morning.

"The good thing now is that we can expect that if the ceasefire between Israel, Iran, and of course, the US continues, there seems to be a high chance that the price will continue to decrease", Abad said.

"So we expect around P4 and P5 continuous decrease (in oil prices), as long as the ceasefire will be sustained and no additional conflict that will cause speculation", Abad added.

An oil price rollback of around P1.70 per liter of gasoline, P2.20 per liter of diesel and kerosene is expected to take effect around 6 am.

Abad attributed the rollback on the adjustments of oil prices in the international market "on the average of two weeks", with a decrease of over four US dollar per barrel of gasoline and more than five US dollar decrease per barrel of diesel and kerosene following the announcement of ceasefire between Iran and Israel. Marie Manalili/DMS