Oil Price Rollback Expected Next Week, Fuel Firms Say
OIL PRICE UPDATE – According to an oil industry source, diesel and kerosene prices are expected to rollback next week.
Fuel prices regularly appear in the news because they affect both consumers and companies on a daily basis. Fuel prices fluctuate due to the ever-changing global oil market dynamics, which can have an impact on the economy and the cost of life.
Filipino motorists and consumers may finally find some relief at the pumps as experts predict a rollback in diesel and kerosene prices next week. It would be the first price cut in nearly 11 weeks.
Since July, pump prices, particularly those of diesel and kerosene, have experienced consecutive weeks of increases. The price hike was primarily attributed to the continuous production cuts of major oil-producing countries like Saudi Arabia and Russia.
The Department of Energy expects diesel and gasoline prices to roll back by approximately P0.20 to P0.40 per liter. Kerosene prices may go down by P0.50 to P0.70 per liter starting on September 26, 2023 (Tuesday).
Over the past 11 weeks, diesel prices have surged by P17.30 per liter, putting pressure on the budgets of both individual commuters and commercial transport operators. Kerosene, commonly used for cooking and lighting purposes, had an increase of P15.94 per liter. Gasoline prices have climbed by P11.85 per liter since July.
DOE Oil Management Bureau chief Rino Abad noted that the consecutive pump price hikes may have reached a saturation point. Usually, gasoline stations make a final announcement every Monday and implement it on the following day.
The relentless hikes on prices of petroleum products adds to the daily burden of Filipino people, especially those in the transportation sector.
RELATED ARTICLE: Gas Stations Confirm Another Oil Price Hike on Tuesday (September 19, 2023)
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
Thank you for visiting Philippine Trending News (Philnews.ph). You may also follow us on the following social media platforms; Facebook, Twitter, and YouTube