Local Oil Industry Sources Say Oil Price Rollback is Expected Next Week
OIL PRICE UPDATE – Several gas stations are expecting another round of oil price rollback next week.
On Friday (November 3, 2023), local oil industry sources reported that Filipino motorists can get a sigh of relief for the possible oil price cuts next week. Petroleum products such as gasoline, diesel, and kerosene are scheduled to rollback in price on November 7, 2023.
Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, cited data from the last four days of international oil trading.
According to Romero, oil companies may reduce the price of gasoline by P0.40 to P0.60 per liter, diesel by P1.00 to P1.30 per liter, and kerosene by P0.80 to P1.05 per liter.
However, Romero stated that the project oil price adjustment might change in the coming days. The oil price reduction will go into effect on Tuesday (November 7, 2023). It marks the second straight week of price reduction for diesel and kerosene.
Typically, fuel companies announce price adjustments on Mondays and implement them the following day.
The DOE official reported that the expected price rollback is attributed to factors like the Israel-Hamas war situation, increased crude production from OPEC and the US, and slower fuel demand growth due to global economic weaknesses.
“On the contained situation of the Israel-Hamas war; additional crude production outputs from OPEC and US; slowing fuel demand growth due to weakening global economic growth,” Romero said.
The Department of Energy released the latest data available indicating the year-to-date adjustment indicating a net increase of P14.20 per liter for gasoline, P10.45 per liter for diesel, and P5.04 per liter for kerosene.
RELATED ARTICLE: Gas Stations Announced Mixed Oil Price Adjustments for Tuesday (October 31)
Currently, the retail prices of gasoline stand at P58.35 to P76.80 per liter, diesel prices range from P59.00 and P72.05 per liter, and kerosene prices range from P76.25 to P89.39 per liter.
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