DOE Says Mixed Oil Price Movements Expected on September 12, 2023
FUEL PRICE UPDATE – The Department of Energy reported that possible mixed oil price movements are expected next week.
On Friday (September 8, 2023), the energy department has projected that retail prices of petroleum products will have mixed adjustments based on the Mean of Platts Singapore four-day trading.
According to DOE’s Oil Industry Management Bureau Assistant Director Rodela Romero, gasoline and kerosene prices may have no adjustment or only a minimal increase. However, diesel prices may increase by P0.10 to P0.20 per liter on Tuesday (September 12, 2023).
“Based on the MOPS (Mean of Platts Singapore) four-day trading, there might be no adjustment or a minimal increase for the prices of gasoline and kerosene but diesel has an increase of P0.10 to P0.20 per liter,” Romero said.
According to some reports, diesel prices are expected to rise from P0.30 to P0.60 per liter. Prices for gasoline will rise by P0.10 to P0.40 per liter, while kerosene would rise by P0.20 to P0.50 per liter.
The projected price adjustments for the following week are attributed to the surge in crude oil prices, fueled by concerns regarding a potential supply shortage during peak winter demand.
Gasoline stations usually make announcement every Monday and implement it on the following day.
On September 5, 2023, fuel companies increased the prices of gasoline by P0.50 per liter, diesel by P1.20 per liter, and kerosene by P1.10 per liter.
For the week of September 5 to 11, retail prices in Metro Manila range from P61 to P81.85 per liter for gasoline, P59.65 to P74.10 for diesel, and P78.55 to P80.16 for kerosene.
RELATED ARTICLE: Another Round of Oil Price Hike Expected Next Week
Consumers are advised to stay updated on any upcoming adjustments in fuel prices for the upcoming week.
This is a developing report, just stay tuned for further updates about looming oil price changes.
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