Another Oil Price Rollback Next Week, DOE Says
OIL PRICE UPDATE – Several fuel firms in the country are set to impose another oil price rollback next week.
Filipino motorists can expect another round of fuel price rollback starting next week as global oil demand continues to weaken. The looming price rollback marks the second consecutive week of price cuts.
According to the Department of Energy (DOE) Assistant Director Rodela Romero, gasoline, diesel, and kerosene prices will see a huge drop at the pumps, giving consumers some financial relief.
The DOE’s Oil Industry Management Bureau estimates that fuel prices will drop between P0.90 to P1.20 per liter for gasoline, P1.30 to P1.60 per liter for diesel, and P1.50 to P1.65 per liter for kerosene.
These reductions reflect the current international market trends, where oversupply and weak demand are putting downward pressure on oil prices.
A major factor in the rollback is the sluggish demand for crude oil, especially from China, the world’s second-largest economy. China’s economy has been grappling with slower growth, which has led to reduced consumption of crude oil.
Meanwhile, exports from oil-producing countries like Iraq and Libya have increased, adding to the oversupply in the market.
The Organization of the Petroleum Exporting Countries (OPEC+) has also adjusted its forecasts for oil demand. The group has lowered its consumption projections for both this year and 2024, emphasizing the impact of slower global economic growth and shifts toward cleaner energy sources.
Last week, fuel firms implemented significant price cuts, with gasoline dropping by P1.55 per liter, diesel by P1.30, and kerosene by P1.40. Despite these recent rollbacks, gasoline prices have still seen a year-to-date increase of P5.85 per liter, and diesel has risen by P3.05. Kerosene, however, has experienced a net decrease of P4.70 per liter for the year.
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