Filipinos were just up with heavy spending on their Christmas shopping, but there is financial relief that they can look forward to as pump prices are anticipated to be on slight rollback next week.

Based on the initial calculation of the oil companies, gasoline prices will likely be ‘unchanged’ or if the industry will extend generosity to consumers, cost rollback of P0.05 may still be expected; or it could also be an increase of P0.05 per liter for higher end or premium gasoline products.

For diesel, the estimate would be price cut ranging from P0.10 to P0.15 per liter; while there will be relatively heftier reduction in kerosene prices at P0.25 to P0.30 per liter.

There had been slight softening of prices in the world market last week, following new round of travel restrictions because of the reported coronavirus mutation, primarily in the United Kingdom.

In recent weeks, there had been constant rally in global prices underpinned by prospects of near-term return to normalcy following the rollout of Covid-19 vaccines in many parts of the world.

But that was replaced by another gloom because of recent developments in the UK. Scientists are still undertaking deeper studies on the ‘mutant virus’ on what impact this will have on the widely anticipated global recovery both on economic reopening and people’s movement.

Experts previously indicated that global fuel prices will potentially rise next year, with most countries bouncing back on their economic activities; and travel may also ease further in many parts of the world.

For the Asian market, it is seen that demand uptick will continue in the coming months, especially in the major markets of China, Japan, India and South Korea and will be complemented by the momentum of economic ricochet of Southeast Asian countries.

The Philippines in particular though will be in a catch-up mode, albeit, most players in the downstream oil sector are anticipating demand climb and better financial outcomes next year.