Oil Price Hike Expected on 1st Week of September, DOE Says
The Department of Energy is expecting an oil price hike in the first week of September after the rollback last week.
Filipino motorists should prepare for a looming increase in fuel prices in the first week of September. According to the Energy Department, upcoming adjustments will see a noticeable increase in the cost of petroleum products based on recent trends in international oil trading.
Gasoline will see an increase of P0.20 to P0.45 per liter, diesel will have a potential increase of up to P0.20 per liter or no change, and kerosene prices may jump P0.45 to P0.55 per liter.
These adjustments are scheduled to be implemented on September 3, 2024 (Tuesday), with the final figures dependent on trading results from Friday.
Several factors are driving this expected price hike. Geopolitical tensions and a sudden halt in oil production from Libya have caused disruptions in the global market.
Additionally, the possibility of a US Federal Reserve rate cut starting in September is expected to influence crude oil demand and market outlook. However, ongoing economic issues in the US and China may still create some uncertainty around these price increases.
Last Tuesday, August 27, 2024, oil prices dropped significantly: gasoline by P1.15 per liter, diesel by P1.90 per liter, and kerosene by P1.85 per liter.
Despite these recent cuts, year-to-date adjustments show a net increase of P6.90 per liter for gasoline and P4.05 per liter for diesel. On the other hand, kerosene prices have decreased by P4.00 per liter.
Typically, oil companies will announce these price adjustments on Monday, with changes taking effect the following day.
This is a developing report, just visit this website regularly or refresh the page for further updates.