OIL prices will go down for a second straight week, according to data from the Department of Energy-Oil Industry Management Bureau (DOE-OIMB).

In an interview, DOE-OIMB Director III Rodela Romero said that based on the estimated rollback for May 7, gasoline prices will be rolled back by P0.20 to P0.45 per liter, diesel between P0.50 to P0.70 and kerosene by P0.60 to P0.70.

According to Romero it showed a "relevant international news contribute to the downward pressures on oil market."

Among the news include the expectations of an Israel - Gaza ceasefire; Uncertainties about US interest rate reduction; and Rising oil stocks/inventory of the US. 

The final adjustments will be determined on Friday.