DOE Eyes Oil Price Hike Next Week After Recent Rollback
FUEL PRICE UPDATE – The Department of Energy expects an oil price hike next week after the recent rollback.
The Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero advised Filipino Motorists to prepare for an increase in fuel prices next week after experiencing several weeks of reductions.
Recent estimates based on oil trading suggest that gasoline prices could increase by P0.65 to P0.90 per liter. Diesel and kerosene are expected to see a higher jump, with prices rising by P0.95 to P1.10 per liter.
The expected increase comes after a recent rollback in fuel prices on August 13, 2024, when gasoline prices were cut by P2.45 per liter, diesel by P1.90 per liter, and kerosene by P2.40 per liter.
These price reductions marked the third week of price drops for gasoline and the fifth for both diesel and kerosene.
The upcoming price increase is due to several factors such as rising tensions in the Middle East have created fears about possible disruptions in oil production.
Additionally, shifts in US monetary policy and an optimistic forecast from the Organization of Petroleum Exporting Countries (OPEC) regarding fuel demand have also contributed to the price changes.
“Oil prices surge at the early part of the week driven by the fear for an escalating Middle East tension that could threaten production in one of the world’s major oil sources as Iran vows retaliation,” Romero said.
Fuel companies officially announce the new prices every Monday, with the changes taking effect the following day. The recent price cuts provided some relief, but the new increases will add a burden to motorists.
In a previous report, Big-Time Oil Price Rollback on Tuesday (August 13, 2024)
The public is advised to keep an eye on official announcements from oil companies to stay updated on the latest price changes.
This is a developing report, just visit this website regularly or refresh the page for further updates.