Oil Price Adjustment Expected Next Week, DOE Says
The Department of Energy is expecting a mixed oil price adjustment next week with gas prices up, and diesel and kerosene prices down.
Oil is an essential input in many industries and transportation sectors. When oil prices rise, the cost of production increases for businesses, which can lead to higher prices for goods and services.
The Philippines heavily relies on imported oil to meet its energy needs. Oil price hikes can result in higher prices for goods and services, as transportation costs are passed on to consumers.
On Friday (March 1, 2024), DOE-Oil Industry Management Bureau Assistant Director Rodela Romero said that Filipino motorists should be ready for some changes in fuel prices at gas stations next week.
Romero reported that diesel and kerosene prices might roll back by P0.30 to P0.60 per liter and P0.30 to P0.50 per liter. However, gasoline prices could go up by P0.20 to P0.45 per liter. She mentioned that these estimates are still subject to change.
The possible hike next week is blamed on US crude stocks and signs of a ceasefire in Gaza, amidst ongoing conflicts. Meanwhile, the delayed reduction in interest rates globally has affected demand.
Usually, fuel companies announce price adjustments every Monday, and the changes take effect on the following day.
Last Tuesday, February 27, 2024, gasoline prices were reduced by P0.70 per liter, while diesel and kerosene prices were slashed by P0.95 and P1.10 per liter, respectively.
As of February 29, 2024 (Thursday), gasoline prices were ranging from P56.60 to P79.25 per liter, diesel prices ranged between P54.00 and P66.95 per liter, and kerosene prices ranged from P72.44 to P83.83 per liter in Metro Manila.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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