DOE Says Oil Price Rollback Expected on October 22, 2024 (Tuesday)
Several gasoline stations in the country are set to implement an oil price rollback this week after a few weeks of fuel price hikes.
On Monday (October 21, 2024), several major oil companies in the Philippines announced a rollback in pump prices after four weeks of rising fuel costs. The looming price reduction will give a sigh of relief to Filipino motorists.
Shell Pilipinas, Seaoil, and Petro Gazz will reduce gasoline prices by P0.50 per liter, diesel by P0.70 per liter, and kerosene by P0.85 per liter. These changes will take effect at 6 a.m. on Tuesday.
The drop in prices can be attributed to easing tensions in the Middle East, which had been contributing to higher oil prices in recent weeks. Additionally, expectations of a crude oil surplus in early 2025 have also played a role in the adjustment.
The Department of Energy (DOE) anticipates a slowdown in global oil demand growth in the coming year, partly due to improved vehicle efficiency and a cooling economy in China.
Last week, fuel prices jumped by P2.65 per liter for gasoline, P2.70 per liter for diesel, and P2.60 per liter for kerosene. With this rollback, drivers can expect a small relief at the pump.
The DOE’s analysis also suggests that oil demand will slow in 2025, with a forecast for a more stable supply situation. As global oil markets adjust to these shifts, Filipino motorists are set to benefit from this welcome price drop.
In the next few days, more fuel companies may follow suit with similar adjustments.
READ ALSO: Oil Firms to Implement Fuel Price Rollback Next Week
The online community expressed their reactions to the post:
This is a developing report, just visit this website regularly or refresh the website for further updates and information.