DOE Says Oil Price Rollback Expected Next Week
FUEL PRICE UPDATE – Various gasoline stations in the country are expecting an oil price rollback next week.
Filipino motorists can look forward to a reduction in fuel prices next week. Gas stations are preparing for a rollback of over P1 per liter, based on recent trends in the global oil market.
The Department of Energy’s Oil Industry Management Bureau Director III Rodela Romero reported upcoming adjustments are expected to drop on Tuesday (September 10, 2024).
Gasoline prices will decrease by between P1.00 and P1.30 per liter, diesel prices by P1.00 to P1.30 per liter, and kerosene by P1.20 to P1.35 per liter. The forecast is based on recent trading data over the past few days.
Several factors are contributing to this looming price drop. There has been reduced demand for oil in major markets like China and the U.S., which is easing pressure on prices.
Additionally, OPEC+ plans to increase oil production by 180,000 barrels per day starting in October, which should further help in lowering prices. The recovery of oil production in Libya is also playing a role in this adjustment.
The expected rollback follows a recent price increase on September 3, 2024, where gasoline went up by P0.50, diesel by P0.30, and kerosene by P0.70 per liter.
Typically, oil companies announce price changes every Monday, with the new rates taking effect the following Tuesday.
Since mid-August, fuel prices have seen some fluctuations, but this upcoming decrease is set to provide relief to drivers. As gas stations get ready for the changes, motorists can expect a bit of relief at the pump next week.
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