Mixed Oil Price Adjustments Expected Next Week, Gas Stations Say
FUEL PRICE UPDATE – Several gas stations in the country are expected to implement mixed oil price adjustments next week.
Filipino motorists can expect mixed movements in the prices of petroleum products including gasoline, diesel, and kerosene at the pumps in the upcoming week, reflecting recent developments in global oil trading.
According to Rodela Romero, Director III of the Department of Energy-Oil Industry Management Bureau, adjustments are expected in the pump prices from May 21 to 27, 2024.
These projections are based on recent trends observed in oil trading:
Romero said that gasoline prices are expected to rollback by P0.20 to P0.45 per liter, diesel prices will go up by P0.20 or see a rollback of up to P0.10 per liter, while kerosene prices may rise by P0.10 to P0.20 per liter.
Romero identified a number of market-influencing elements as the cause of the oil price fluctuations.
“Oil prices have strengthened as OPEC expresses optimism regarding the growth in oil demand, despite ongoing economic uncertainties and geopolitical tensions,” Romero explained.
She also mentioned the benefits of lower US oil inventories and China’s economic stimulus programs.
Every Monday, oil firms usually announce changes to their fuel prices, which go into effect the following day.
The current estimates are in line with recent changes that were made on May 14, 2024, when the price of gasoline, diesel, and kerosene were all reduced by P2.00, P0.50, and P0.85 per liter, respectively.
Since the start of 2024, the net price increases for gasoline and diesel have totaled P7.25 and P4.20 per liter, respectively. On the other hand, the cost of kerosene per liter has dropped by P1.65.
This is a developing report, just visit this website regularly or refresh the page for further updates.
RELATED ARTICLE: Big-Time Oil Price Rollback to Take Effect on Tuesday (May 14, 2024)