Fuel Price Update for Next Week Released by Oil Companies
OIL PRICE UPDATE – Various oil companies in the country have released the fuel price update for next week.
The Department of Energy (DOE) announced mixed price changes next week. Gasoline prices are expected to increase for a third straight week of hikes, while diesel and kerosene might go down for two straight weeks.
DOE Oil Industry Management Bureau Assistant Director Rodela Romero said that gasoline prices are expected to go up by P0.10 to P0.30 per liter, while both diesel and kerosene will see price reductions of P0.40 to P0.70 and P0.40 to P0.60 per liter, respectively.
The increase in gasoline prices is probably due to stronger global demand, particularly in countries that rely more on gasoline than diesel. It leads to a rise in fuel costs for the second consecutive week.
On the other hand, the drop in diesel and kerosene prices is linked to weaker demand forecasts for 2025, especially from China, which is a major oil importer.
Additionally, the strengthening of the US dollar is expected to have an impact, as it could lead to more oil output from the United States.
The conflict between Israel and Hezbollah, along with decisions by oil-producing countries like Saudi Arabia and Russia to extend their supply cuts until March, has added pressure on global oil prices.
However, despite these cuts, experts predict that the world will have more oil supply than demand in the coming year.
Fuel companies usually announce their price updates every Monday, with the changes taking effect the following day.
On December 3, 2024, oil firms raised gasoline prices by P0.90 per liter, while reducing the costs of diesel by P0.20 and kerosene by P0.40 per liter.
Filipino consumers are advised to keep an eye on fuel prices as they adjust in response to these ongoing changes.
Previously, Oil Price Update for the First Week of December 2024
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