Oil Price Hike Expected Next Week, DOE Says
PUMP PRICE UPDATE – The Department of Energy is expecting an oil price hike next week after two straight weeks of rollbacks.
Next week, fuel prices are expected to either increase or remain unchanged following two consecutive weeks of price rollbacks. The looming price hike was based on current estimates.
Gasoline prices may see a possible increase of P0.40 to P0.90 per liter, diese prices may either remain the same or increase by up to P0.40 per liter, while kerosene prices could stay the same or rise by up to P0.20 per liter.
The Department of Energy (DOE) mentioned that mixed price movements are likely. Assistant Director Rodela Romero from the DOE’s Oil Industry Management Bureau explained that global events are contributing to these changes.
Major factors include the U.S. Federal Reserve’s decision to cut interest rates, which has boosted fuel demand. Additionally, tensions in the Middle East, particularly the recent conflict involving Hezbollah members, have raised concerns about potential disruptions to oil supply.
Moreover, a decline in U.S. crude oil inventories has also impacted prices. In Asia, a refinery in Japan undergoing maintenance, as well as Malaysia’s removal of subsidies on certain gasoline grades, have played a role in influencing fuel costs.
Fuel companies typically announce price changes every Monday, which then take effect the following day. Last Tuesday (September 17) fuel prices were lowered by P1.00 per liter for gasoline, P1.30 for diesel, and P1.65 for kerosene.
According to year-to-date total adjustment, gasoline and diesel prices stand at a net increase of P4.85 per liter and P1.75 per liter, while kerosene has a total net decrease of P6.35 per liter.
READ ALSO: Oil prices set for rollback on September 10, 2024 (Tuesday)
The ongoing monitoring of these fluctuations is important for consumers, especially with prices in Metro Manila ranging from P51.00 to P72.45 for gasoline, and P46.74 to P61.50 for diesel.
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