Oil Price Rollback Expected Next Week, Gas Companies Say
FUEL PRICE UPDATE – Various gas companies in the Philippines are expected to implement another oil price rollback next week.
According to a forecast by Unioil Petroleum Philippines, motorists may see a slight rollback in fuel prices next week. The expected price adjustments will be effective from January 9 to 15, 2024.
The upcoming week may bring mixed adjustments in petroleum product prices, with possible rollbacks or no changes. Gasoline and diesel prices may decrease by P0.05 or P0.015 per liter and kerosene by P0.10 per liter.
The Department of Energy’s record of year-to-date increases an increase of P12.60 per liter of gasoline, P5.65 per liter of diesel and P1.24 per liter of kerosene as of December 26, 2023.
Rodela Romero, Assistant Director of the Department of Energy (DOE) Oil Industry Management Bureau, suggests that gasoline and diesel prices may have no adjustment or a rollback of P0.20 per liter based on this week’s trading. Kerosene could see a minimal increase or a rollback of P0.05 per liter.
The final price adjustments will be announced by oil companies on Monday and will take effect the following day. In the first week of 2024, pump prices went down as gasoline decreased by P0.10 per liter, diesel by P0.35 per liter, and kerosene by P1.40 per liter.
While the rise of geopolitical tensions in the Middle East, particularly the Red Sea wars and friction between Israel and Iran, remains a concern, global oil prices have not seen major hikes.
However, the evolving geopolitical scenario will be closely monitored in the coming weeks for potential effects on global oil prices.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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