Oil Price Update Expected Next Week, DOE Says
OIL PRICE UPDATE – Various fuel firms in the country have announced that mixed oil price changes are expected next week.
In the first week of November, Filipino motorists can expect some changes in fuel prices. The Department of Energy (DOE) has announced that gasoline prices may drop between P0.40 and P0.70 per liter.
The fuel price reduction will be welcome news for drivers, especially after previous price hikes. Meanwhile, diesel prices might see a slight rollback of P0.20, but there’s also a possibility they could remain unchanged.
Meanwhile, kerosene prices are set to go up by P0.10 to P0.20 per liter, reflecting the current market dynamics.
“Maaaring tumaas ‘yung sa diesel. Kung maliit lang naman ‘yung gap, nawawipe out pa siya. Sana hindi na lang mabura yung rollback or ‘di na lang magbago,” DOE Oil Industry Management Bureau Director Rodela Romero said.
Several factors are influencing these price adjustments. There’s been a noticeable increase in fuel demand in the United States, coupled with a decline in both crude oil and gasoline stocks. Additionally, ongoing geopolitical tensions, particularly involving Israel and Iran, have added uncertainty to the oil market.
The current year-to-date changes show that gasoline prices have risen by P8.75 per liter, while diesel has increased by P6.55. In contrast, kerosene has seen a reduction of P3.10 per liter.
Between October 22 and 28, common pump prices ranged from P52 to P65.71 for gasoline and P51.60 to P54.60 for diesel, with kerosene priced at P71.66.
The official price updates will be announced on Monday and will take effect the following day, allowing motorists to plan their fuel purchases accordingly.
The social media users expressed their reactions to the looming fuel price changes:
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In a previous report, DOE Says Mixed Oil Price Adjustments Expected Next Week