Oil Price Rollback Expected Next Week, DOE Says
The Department of Energy (DOE) is expecting an oil price rollback next week based on recent trading data.
Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that Filipino drivers are in for some good news as fuel prices are set to drop next week. The prices of petroleum products including gasoline, diesel, and kerosene will be reduced on July 30, 2024 (Tuesday).
“There would be a rollback on the prices of petroleum products based on the four-day trading in the Mean of Platts Singapore,” Romero said.
For gasoline, prices are expected to fall between P0.70 – P1.10 per liter. Diesel will see a decrease of P0.55 to P0.95 per liter. Kerosene prices are likely to go down by P0.60 to P1.00 per liter.
The project price reductions are due to current trends in the oil market, which show a surplus in supply and lower demand. Additionally, recent peace talks in Gaza have lessened geopolitical tensions, which has also contributed to lower prices.
Last Tuesday (July 23, 2024), fuel companies adjusted their prices with gasoline rising by P0.10 per liter while diesel and kerosene decreasing by P0.40 and P0.70 per liter, respectively.
Since the start of 2024, gasoline prices have increased by P10.35 per liter, diesel by P8.15 per liter, and kerosene by P0.50 per liter.
The Energy Department is enforcing a 15-day price freeze on kerosene and liquefied petroleum gas (LPG) in areas affected by natural disasters. This freeze will only apply if prices go up; if they drop, the new lower prices will be passed on to consumers.
Phoenix Petroleum has already taken action, cutting prices at their Luzon stations ahead of the official rollback. They have reduced diesel by P0.75 per liter and gasoline by P0.80 per liter to help those affected by Typhoon Carina.
Overall, the forecasted price cuts bring some relief to consumers amid a global drop in oil prices.
Previously, Fuel Firms to Impose Mixed Oil Price Adjustments for Tuesday (July 23, 2024)
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