Motorists queue for fuel at a gas station in Pasig City on Oct. 10, 2022. Mark Demayo, ABS-CBN News/File 

MANILA — Oil companies are expected to slash fuel prices next week, the Department of Energy said Friday. 

DOE Oil Industry Management Bureau director Rodela Romero said the following rollback was expected next week. 

Gasoline: P0.50 to P0.75 per liter decrease 
Diesel: P1 to P1.15 per liter decrease 
Kerosene: P0.90 to P1 per liter decrease 

Oil prices slid on reports that Israeli Prime Minister Benjamin Netanyahu told US President Joe Biden he would not strike Iran's crude or nuclear facilities.

In mid-October, Iran's retaliatory missile attacks on Israel sent crude prices soaring on fears that further strikes in response would disrupt oil supplies.

But reports of the Israeli PM's assurances "alleviated some of that supply concern," said Matt Britzman, senior equity analyst at Hargreaves Lansdown.

"With the geopolitical risk-premium falling, prices are once again being led by the struggling demand picture," he added.

The International Energy Agency said global oil markets remained "adequately" supplied thanks to the end of a Libyan oil blockade, weaker demand and relatively modest output losses from hurricanes in the US Gulf Coast.

Adding to downward pressure is concern that China, the world's largest crude importer, is failing to reignite its ailing economy.

Investors have been left disappointed by lack of detail from China Finance Minister Lan Fo'an over the scale of stimulus measures to jumpstart the world's second-largest economy.

"Everywhere you look, China is in desperate need for fiscal support, with very weak domestic demand alongside an economy facing deflationary pressures and softer global demand," said Rodrigo Catril, a senior strategist at National Australia Bank.

— With a report from Agence France-Presse