DOE Eyes Big-Time Oil Price Rollback Next Week
FUEL PRICE UPDATE – The Department of Energy said that a big-time oil price rollback is expected in the last week of August.
The Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that after a recent increase in fuel prices, Filipino motorists should look forward to huge reductions in gasoline, diesel, and kerosene prices.
The energy department reported that gasoline prices may go down by P1.15 to P1.35 per liter, diesel will decrease by P2.00 to P2.20 per liter and kerosene by P1.90 to P2.00 per liter.
This week, gasoline and kerosene prices went up by P1.00 per liter, while diesel saw a P1.20 increase. However, these new reductions should help ease the burden of Filipino motorists.
Several factors are contributing to this rollback. Weak global demand for oil is driving prices down, along with a temporary reduction in geopolitical tensions in Gaza. Additionally, increased oil production from Libya’s Sharara Oilfield is helping to stabilize the market.
So far this year, gasoline prices have increased by P8.05 per liter, and diesel by P5.95 per liter. On the flip side, kerosene prices have decreased by P2.15 per liter.
In Metro Manila, the current retail prices range from P53.70 to P74.65 for gasoline, P49.80 to P64.40 for diesel, and P70.49 to P83.70 for kerosene.
Oil companies typically announce final price adjustments every Monday, with new rates taking effect the following day. Based on recent trading data, the upcoming decrease could see diesel prices drop by as much as P1.90 per liter and gasoline by P1.20 per liter.
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