Oil Price Rollback Expected on Tuesday (February 13, 2024)
Various fuel companies are expected to implement an oil price rollback next week after few weeks of consecutive hikes.
Lower pump prices for gasoline, diesel, and kerosene are expected next week, offering relief to Filipino motorists after several consecutive weeks of price hikes in petroleum products.
The Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero reported that the price of gasoline may go down by P1.00 to P1.20 per liter. Similarly, diesel prices could drop by P0.40 to P0.60 per liter, while kerosene prices might reduce by P0.45 to P0.65 per liter.
However, Romero clarified that the projected adjustments in pump prices are still subject to change. She claimed that the rollback was due to the accumulation of US crude inventories, the rise in US oil production, and the sluggish growth in oil demand.
“The following reasons make the oil market on a bullish mode, namely the Israel-Hamas tension, the production cut of OPEC member countries and India’s oil demand growth,” Romero said.
Fuel price adjustments are typically announced every Monday and take effect the following day.
The prices of gasoline, diesel, and kerosene have been raised by P0.75, P1.50, and P0.80 per liter, respectively, by the oil firms last week. For gasoline and diesel, it is the fifth week in a row that prices have increased; for kerosene, it is the second.
Additionally, DOE issued the Year-to-Date adjustments, which led to net increases in gasoline prices of P5.15, diesel prices of P4.40, and kerosene prices of P0.85.
According to the latest statistics from the DOE’s price monitoring from February 6 to February 12, 2024, the current retail prices in Metro Manila for gasoline, diesel, and kerosene are P56.60 to P78.95 per liter, P52.90 to P67.50 per liter, and P72.85 to P84.28 per liter, respectively.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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