Several fuel companies across the country anticipate an oil price rollback after weeks of consecutive increases.
Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, stated that there may be a decrease in the prices of petroleum products per liter in the upcoming week.
DOE Says Oil Price Rollback Expected Next Week
Gas Firms Expected Oil Price Rollback Next Week
The Department of Energy-Oil Industry Management Bureau reported that an oil price rollback is expected next week.
After several consecutive increases in pump prices, Filipino motorists can expect some relief as a rollback on prices of petroleum products including gasoline, diesel, and kerosene is expected next week.
According to Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, recent oil trading indicates that there might be a decrease in the prices of petroleum products per liter in the coming week.
A decline of P0.70 to P0.90 per liter is expected for gasoline. Meanwhile, a P1.00 to P1.20 per liter reduction in diesel prices and a P0.90 to P1.00 per liter decrease in kerosene prices are projected.
Romero pointed out that these projections may change after Friday’s final trading. On Mondays, fuel companies usually announce price changes that take effect the following day.
“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” Romero said.
Gas stations increased the price of gasoline, diesel, and kerosene by P1.60, P1.10, and P1.05 per liter, respectively, on Tuesday, February 20, 2024.
Due to these latest price adjustments, the price of gasoline has increased by P6.15 per liter, diesel by P5.40 per liter, and kerosene by P1.50 per liter year to date.
According to the most recent statistics from the DOE’s price monitoring, retail prices for gasoline in Metro Manila are currently between P55.90 and P79.95 per liter, diesel between P54.35 and P67.90 per liter, and kerosene between P73.25 and P83.88 per liter.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
RELATED ARTICLE: Oil Price Hike Expected on Tuesday (February 20, 2024)