Gas Stations Expect Oil Price Rollback for Second Week of November 2023
The Energy Department said that another round of oil price rollback is expected for the second week of November.
In recent weeks, the Philippines has experienced a sigh of relief as oil prices underwent a rollback, providing a welcome break for consumers dealing with the economic challenges.
On Friday (November 10, 2023), a Department of Energy (DOE) official stated that fuel prices are set for another rollback in the second week of November.
As per the announcement, diesel prices are expected to decrease by approximately P2.50 per liter, while kerosene prices may witness a drop of P1.50 per liter. Additionally, gasoline prices are projected to see a decrease of P0.50 per liter.
Rino Abad, the Director of the Oil Industry Management Bureau at the Department of Energy (DOE), shared some of the factors contributing to this expected price reduction. He mentioned that the global supply constraints appear to be alleviating, leading to a shift in expectations.
Abad stated, “As of November 3, malaki na ho ang binago doon sa ine-expect eating undersupply. Bagkus baliktad na, by December magkakaroon raw ng konting oversupply.”
It would mark the third consecutive weekly decrease in diesel and kerosene prices, providing some relief to consumers at the pump.
The rollback in prices is attributed to the improving global supply scenario, offering a glimpse of potential stability and affordability in the fuel market in the coming weeks.
However, the projected oil prices are still subject to change within the following days. Usually, oil companies make an announcement every Monday and implement it the following day.
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The online community expressed their reactions to the looming oil price cut:
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