Big-Time Oil Price Rollback Expected Next Week, Gas Stations Say
FUEL PRICE UPDATE – Various gasoline stations in the country are set to impose a big-time oil price rollback next week.
On Friday (May 10, 2024), the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) announced that Filipino motorists may have something to look forward to next week as another round of price rollback in gasoline, diesel, and kerosene is expected.
DOE-OIMB Director III Rodela Romero confirmed that prices of petroleum products are likely to decrease.
The expected rollback in gasoline prices ranges from P2 to P2.25 per liter based on the first four days of trading on the Mean of Platts Singapore. Meanwhile, diesel prices could go down by P0.50 to P0.85 per liter, and kerosene prices are expected to drop by P0.90 to P1.00 per liter.
The looming rollback marks the third consecutive week of decreases for gasoline and the fourth for both diesel and kerosene.
Romero noted a number of causes for the price changes, including a decline in oil prices during Asian trading as a result of rising US stockpiles. Another factor was the strength of the dollar and news that Hamas officials had proposed a fresh ceasefire for Gaza.
Final adjustments will be determined after Friday’s trading, Romero noted. It’s expected that pump prices will decrease just on May 14, 2024 (Tuesday).
Last week, gasoline prices went down by 0.20 to 0.45 pesos per liter, while diesel decreased by 0.50 to 0.70 pesos per liter, and kerosene dropped by 0.60 to 0.70 pesos per liter.
The social media users expressed their reactions to the price adjustment:
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