DOE Releases Oil Price Update for the First Week of December 2024
MIXED FUEL PRICE ADJUSTMENT – The Department of Energy has released the oil price update for the first week of December 2024.
As the first week of December 2024 approaches, Filipino motorists can expect some changes in fuel prices including gasoline, diesel and kerosene. Gasoline prices are set to increase, while diesel prices will see a reduction. Kerosene prices are also likely to decrease.
Here is the projected oil price adjustment next week:
- Gasoline: Increase of P0.55 to P0.80 per liter
- Diesel: Decrease of P0.30 per liter
- Kerosene: Decrease of P0.10 to P0.30 per liter
These price changes are influenced by several factors in the global oil market. The steadying of crude oil prices, following a ceasefire between Israel and Hezbollah, has given hope for peace in the region.
Meanwhile, China’s oil consumption has been on a downward trend, which affects overall demand. Additionally, OPEC+ has extended its production cuts, but easing restrictions could begin in 2025.
A surprise drop in U.S. crude oil inventories has also contributed to these price shifts. In the past week, fuel companies raised pump prices by P1.15 per liter for gasoline and P1.10 per liter for diesel. Kerosene prices went up by P0.80 per liter.
The latest year-to-date adjustment, gasoline prices have risen by P10.45 per liter, while diesel prices have increased by P9.75 per liter. However, kerosene has seen a drop of P1.50 per liter.
Looking ahead, the DOE projects a decrease in fuel prices through early 2025 due to a global slowdown in demand. In the LPG sector, Regasco has announced a price hike of P0.50 per kilogram for December, driven by a weaker peso against the dollar.
Additionally, the DOE is working on a new system that will require oil companies to provide more detailed pricing information, allowing for greater transparency in fuel costs.
This is a developing report, just visit this website regularly or refresh the page for further updates.