DOE Releases Oil Price Update for March 4, 2024 (Tuesday)
FUEL PRICE ROLLBACK – The Department of Energy released the oil price update for March 4, 2024 (Tuesday).
The Energy Department eyes a rollback in prices of petroleum product such as gasoline, diesel and kerosene in the coming week.
Based on market trends and recent global developments, fuel prices are expected to decrease starting next week, which will give a sigh of relief of Filipino motorists.
Gasoline and diesel prices could drop between P0.90 to P1.20 per liter, while kerosene may see a P1.30 to P1.50 per liter reduction. These adjustments will be finalized at the end of the trading period, with oil companies announcing official price changes on Monday, which will take effect the following day.
Several global factors are influencing this downward trend. South Korea’s decision to cut fuel tax benefits has slowed demand, while high fuel inventories in the US have also contributed to lower prices
“We will be expecting a rollback in the prices of petroleum products by next week based on the four-day trading in MOPS (Mean of Platts Singapore) and relevant news of the week,” DOE Oil Industry Management Bureau Assistant Director Rodela Romero said.
Additionally, easing geopolitical tensions between Russia and Ukraine has created optimism in the market, further stabilizing oil prices. Meanwhile, the new US tariffs on Canadian imports are expected to curb demand, adding to the price drop.
The expected rollback follows recent fuel price increases, where gasoline, diesel, and kerosene saw hikes of P0.70, P0.40, and P0.20 per liter, respectively. Despite these fluctuations, year-to-date price adjustments still show a net increase for fuel products.
With oil demand fluctuating worldwide, further price movements remain uncertain. However, for now, consumers can look forward to some relief at the pump in the coming week.
This is a developing report, just visit this website for further updates.
READ ALSO: Gas Stations to Implement Oil Price Hike on Tuesday (February 25, 2025)