Gas Stations Eye Possible Fuel Price Rollback on Tuesday (March 19, 2024)
OIL PRICE UPDATE – Several gas stations in the country are set to implement a fuel price rollback next week.
Due to conflicting factors affecting petroleum trading internationally, a possible fuel price cut at the pumps is expected next week. The possible oil price drop will give relief to the Filipino motorists.
On Friday (March 15, 2024), Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero stated that the latest oil trading activity has created uncertainty regarding adjustments in prices of petroleum products.
Romero announced that initial estimates suggested gasoline prices might remain unchanged, increase by P0.10, or rollback by P0.10 per liter. Meanwhile, diesel prices might go down by P0.20 to P0.40 per liter, and kerosene might remain stable or rollback by P0.10 per liter.
Romero made it clear that these projections could alter after the Mean of Platts Singapore (MOPS) trading is over. In Southeast Asia, it provides the foundation for the price of refined petroleum products.
One of the main reasons behind possible price drops is the forecasted increase in US crude production for 2024 and 2025.
“The primary reason for the rollbacks is the forecast of US DOE Energy Information Administration that US crude production will rise in 2024 and 2025 and will offset to some extent the OPEC+ production cut,” Romero said.
Every Monday, fuel firms usually announce price adjustments that go into effect the following day. Prices for gasoline, diesel, and kerosene were lowered by P0.50, P0.25, and P0.30 per liter as of Tuesday, March 12, 2024.
The most recent data provided by DOE also shows that changes made thus far this year have resulted in a net increase of P3.80 for diesel and P5.45 for gasoline per liter. But so far this year, there has been a net drop in kerosene prices of P0.25 per liter.
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