Oil Price Rollback Expected Next Week, DOE Says
OIL PRICE UPDATE – The Department of Energy is expecting an oil price rollback next week after several weeks of price increases.
Next week, Filipino motorists might get a sigh of relief at the pumps as the DOE predicts that the prices of gasoline, diesel, and kerosene will go down. This adjustment follows recent increases in fuel costs that have affected many people across the country.
According to the DOE, gasoline prices could go down by around P0.70 to P0.90 per liter. Diesel and kerosene prices are also expected to decrease by approximately P1.00 to P1.15 per liter.
The expected drop in fuel prices is due to several factors. Weak consumer confidence in China and recent data showing lower inflation have contributed to a decrease in global oil prices.
Additionally, Hurricane Beryl, which caused minimal damage, allowed the United States to ramp up its oil production, which helps stabilize global oil prices. The weakening of the dollar has also played a role in reducing oil costs.
Fuel prices are usually adjusted every Monday, with changes taking effect the following day. Filipinos can expect lower fuel prices starting on Tuesday (July 16, 2024).
As of July 9, 2024, gasoline prices had increased by P1.60 per liter, diesel by P0.65 per liter, and kerosene by P0.60 per liter. Year-to-date, the cumulative adjustments stand at P10.85 per liter for gasoline, P9.05 per liter for diesel, and P2.35 per liter for kerosene.
The DOE’s announcement of expected lower fuel prices next week brings hope for relief to consumers who have been struggling with increased costs recently. As always, Filipinos are encouraged to monitor announcements from fuel companies to stay updated on any changes in prices at the pumps.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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