Mixed Oil Price Adjustment Expected Next Week, DOE Says
FUEL PRICE UPDATE – The Department of Energy (DOE) is expecting mixed oil price adjustment for the last week of July.
On Friday (July 19, 2024), the energy department has forecasted changes in fuel prices next week, with gasoline prices possibly rising while diesel and kerosene prices are expected to drop.
According to the latest data from the Mean of Platts Singapore (MOPS), the looming adjustments for Tuesday, July 23, 2024 are as follows: gasoline prices might either remain unchanged or see a slight increase of P0.20 per liter, while diesel prices could go down by P0.30 to P0.60 per liter, and kerosene prices might decrease by P0.60 to P0.70 per liter.
The predicted price adjustment comes after a halt in the rising trend of crude oil prices earlier this week. Market players are cautious due to concerns about global demand, especially with China’s economy experiencing slower growth.
The market is also expecting an increase in crude supply from Iran, though US crude inventories have shown a decline, adding some optimism about demand.
Director III Rodela Romero from the DOE’s Oil Industry Management Bureau said that the final price changes will be determined by the results of Friday’s trading. Generally, oil companies announce price adjustments on Mondays, which are then implemented on the following day.
Last Tuesday, July 16, 2024, fuel companies reduced prices by P0.60 per liter for gasoline, P0.90 per liter for diesel, and P1.15 per liter for kerosene. These adjustments have contributed to the year-to-date total changes, resulting in a net increase of P10.25 per liter for gasoline, P8.15 per liter for diesel, and P1.20 per liter for kerosene.
Filipino motorists should stay updated on these potential changes to better manage their fuel budgets. Keeping an eye on the DOE’s announcements will help in planning fuel purchases and understanding the fluctuating fuel market dynamics.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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