Big-Time Oil Price Rollback Expected Next Week, Fuel Firms Say
OIL PRICE UPDATE – Various fuel firms in the country are set to impose a big-time oil price rollback starting next week.
Next week, Filipino motorists should brace for a huge drop in fuel prices. This upcoming adjustment could be a notable one, with reductions anticipated for gasoline, diesel, and kerosene.
The looming big-time oil price rollback is expected to be the third consecutive week of lower gasoline prices and the fifth for diesel and kerosene.
The Department of Energy (DOE) has projected huge decreases starting on August 13, 2024 (Tuesday). The estimated reductions are as follows:
- Gasoline: between P2.30 and P2.50 per liter
- Diesel: between P1.90 and P2.10 per liter
- Kerosene: between P2.35 and P2.40 per liter
The final oil prices will be determined by the trading data from Friday. Factors contributing to this price drop include a stronger peso, concerns about a potential recession, reduced consumption in China, and a worsening global economic outlook.
Oil companies typically announce price changes every Monday, with the new prices coming into effect the next day. As such, the adjustments will be revealed on Monday and implemented on Tuesday.
Recently, on August 6, 2024, fuel prices saw a modest decrease. Gasoline prices were cut by P0.10 per liter, diesel by P0.20, and kerosene by P0.45. For the year so far, gasoline and diesel prices have increased by P9.50 and P6.70 per liter, respectively. In contrast, kerosene prices have decreased by P0.75 per liter.
In Metro Manila, the current prices are:
- Gasoline: ranging from P55.00 to P83.05 per liter
- Diesel: ranging from P51.00 to P69.35 per liter
- Kerosene: ranging from P72.34 to P83.70 per liter
This is a developing report, just visit this website regularly or refresh the page for further updates.
RELATED POST: Gas Stations to Lower Oil Prices on August 6, 2024 (Tuesday)