Mixed Oil Price Adjustments Expected Next Week, DOE Says
FUEL PRICE UPDATE – The Department of Energy is expecting mixed oil price adjustments starting next week.
Filipino motorists should brace for possible changes in fuel prices in the upcoming week. The latest forecasts suggest that there may be either a price increase or a decrease, depending on international market trends.
Gasoline prices may either see a decrease of P0.20 or an increase of P0.20, diesel might drop by P0.10 or rise by P0.30, and kerosene is expected to decrease by P0.20 to P0.30.
The Department of Energy’s Oil Industry Management Bureau Assistant Director Rodela Romero shared that the estimated price changes are based on fuel trading activity from October 21 to 24, 2024.
Romero explained that the expected drop in prices is caused by lower demand for fuel in both China and the United States. Additionally, an unexpected increase in U.S. fuel stocks and ongoing negotiations for a ceasefire between Israel and Hamas have contributed to this trend.
On the other hand, the price increase was due to an increase in diesel demand in South Korea, which could push prices higher across Asia. Concerns over potential supply disruptions caused by retaliatory actions from Iran are also causing market jitters.
Typically, fuel companies announce their price changes every Monday, with the new prices taking effect the following day.
As of October 22, oil companies reduced the gasoline prices by P0.50, diesel by P0.70, and kerosene by P0.85 per liter.
Meanwhile, a price freeze was imposed in regions declared under the State of Calamity to help protect consumers during emergencies. The price freeze will last for 15 days from the date of declaration.
Previously, oil price rollback set on October 22, 2024 (Tuesday)
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