Mixed Oil Price Changes Expected Next Week: Gasoline to Decrease, Diesel and Kerosene to Increase
PUMP PRICE UPDATE –Some fuel companies are expected to impose mixed oil price changes starting next week.
Nowadays, many Filipinos are struggling due to the increasing prices of basic commodities and other products. The changes in the prices of grocery items are mostly caused by the increase of ingredients and oil prices.
Oil price hike usually contributes to the burden of Filipino people but the price rollback causes relief to the drivers and motorists.
On Friday (May 31, 2024), the Department of Energy (DOE) advised Filipino motorists to brace for mixed changes in fuel prices next week. The looming fuel price adjustments are based on the oil trading in the past four days.
Rodela Romero, Director III of the DOE-Oil Industry Management Bureau, reported that some fuel prices are expected to go up, while others are set to drop.
Gasoline prices are expected to decrease by P0.60 to P0.90 per liter, diesel prices are set to increase by P0.40 to P0.60 per liter, and kerosene will go up by P0.75 to P0.90 per liter.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies are likely to continue reducing their oil production, which limits the global supply and affects prices.
The United States has announced the release of millions of barrels of gasoline from its government reserves to help lower domestic pump prices, which also affects global oil prices.
Typically, oil companies announce their price changes every Monday, with the new prices taking effect on Tuesday.
The year-to-date adjustment shows a total net increase of P7.55 per liter and P4.85 per liter for gasoline and diesel. Kerosene prices have dropped by P1.05 per liter.
READ ALSO: Gasoline Stations Eye Oil Price Hike Next Week
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