OIL companies may possibly enforce a price reduction next week, after five weeks of continued increases.

The Department of Energy said that based on the four days of trading, the price per liter of gasoline may be slashed by P1.00 to P1.20.

For diesel, a per liter price rollback of P0.40 to P0.60 may be implemented.

Kerosene prices, meanwhile, may go down by P0.45 to P0.65 per liter.

According to DOE-Oil Industry Management Bureau Assistant Director Rodela Romero the oil trading might change the projected pump price adjustments.

“Reasons for rollback are the build up of US crude inventories and the increase of US oil production and the slowing oil demand growth,” she said

Although, she said that several reasons still make the oil market on a bullish mode such as the Israel-Hamas tension; the production cut of Organization of Petroleum Exporting Countries (OPEC) members, and India's oil demand growth.