Consumers’ financial bliss will continue next week and less worry on the pockets for those celebrating the love month, as oil prices will be on sustained rollback at hefty cuts primarily for diesel and kerosene products, according to the oil companies.

Based on the industry players’ estimates, the price of diesel products will be trimmed by P2.25 to P2.55 per liter, while kerosene prices will have a reduction of P2.35 to P2.65 per liter.

For end-users filling up gasoline on their vehicles, it will not be a propitious week for them as the calculated price cut will just be a measly P0.05 to P0.15 per liter, hence, there is a major tendency that "a no price change scenario" may reign for this commodity at the domestic pumps next week.

Oil companies will implement the price cuts on Tuesday, Feb. 14, as referenced on the Mean of Platts Singapore (MOPS).

Prior to the forthcoming round of adjustments, the seesaw in prices since the start of the year already logged net increases of P5.10 per liter for gasoline; P0.05 per liter for diesel; and P2.25 per liter for kerosene, as monitored by the Department of Energy.

The continued downtrend of global oil prices last week had been mainly attributed to the inventory buildup of the US market; the interest rate hike enforcement of the US Federal Reserve as well as continued lackluster industrial production, even in China, on nagging fears of economic recession.

Industry experts warned though that the price euphoria at the pumps may not last long, with Russia’s announcement through end-week trading that it will voluntarily cut production by 500,000 barrels per day because of the price caps being enforced as war sanction by European countries.

That single biggest development had immediately reversed the price compass into the upswing as of Friday (February 10) trading, and that precipitated climb in futures contract price of international benchmark Brent crude to $86 per barrel, from a plunge to mid-$70 per barrel level in recent weeks.

Other factors being monitored closely in oil markets are the forthcoming Presidential elections in oil-producing Nigeria and the fresh round of sanctions imposed on the petrochemical exports of Iran, including its production base in Malaysia and Singapore – with fears raised that such retribution may eventually have spillover on its crude exports.

Additionally, global oil markets are keeping a close watch on the controversy implicating the United States military on the Nord Stream gas pipeline explosion last year – as that too, may add pressure on prices in the days ahead.