The Department of Energy Releases Oil Price Updates for Tuesday (November 26, 2024)
FUEL PRICE UPDATE – The Department of Energy (DOE) has announced the oil price updates in the upcoming week.
After a slight drop in fuel prices last week, the cost of gasoline, diesel, and kerosene is expected to rise again due to several factors influencing the global oil market.
The major factors behind the increase include the ongoing tensions between Russia and Ukraine, as well as disruptions in oil production in Norway. These geopolitical and supply issues have caused a shift in the market, pushing fuel prices upward.
Additionally, the drop of the Philippine peso against the US dollar has added further pressure, contributing an extra P0.10 to P0.15 per liter to fuel costs.
As of the first few days of this week, fuel prices have already seen modest increases, including P0.75 per liter for gasoline, P0.68 for diesel, and P0.57 for kerosene.
With the ongoing unpredictability in international markets, it’s likely that fuel prices will rise by around P0.70 to P0.90 per liter for gasoline, P0.70 to P1.00 for diesel, and P0.60 to P0.70 for kerosene.
In addition to these price hikes, freight and premium charges could add about P0.30 per liter, further pushing up the cost at the pump.
Despite the recent rollback in prices, which saw gasoline drop by P0.85 per liter, diesel by P0.75, and kerosene by P0.90, the market trends suggest that consumers should prepare for higher costs in the coming days.
The price adjustments will be confirmed by gasoline stations on Monday, with new prices effective the following day.
The DOE continues to monitor the situation and expects these price hikes to continue due to the international tensions and production challenges.
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