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Saturday, May 25, 2024

DOE: Small rollback or no movement for fuels next week

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Consumers can expect a minimal oil price rollback or no movement in fuel pump prices next week, based on the latest oil price forecast by local companies.

Industry sources said that based on the four-day trading rate, diesel may have a price rollback of P0.30 per liter, gasoline by P0.20 per liter, and kerosene by P0.15 per liter.

The sources said prices may not move too, depending largely on Friday’s global oil trading movement.

If the rollback pushes through, it would be the third consecutive weekof reduced oil prices.

Department of Energy (DOE) director for the oil industry management bureau Rodela Romero confirmed the forecasted oil price movement.

Romero attributed the possible rollback or no movement in pump prices due to slowing demand in the US and China, increase in weekly US crude inventories and signs of easing demand in Asia.

On Nov. 14, 2023, the oil companies implemented price rollbacks for gasoline, diesel, and kerosene by P0.70, P3.00 and P2.30 per liter, respectively.

These price adjustments resulted in a year-to-date net increase of P13.05 per liter for gasoline, P6.35 per liter for diesel, and P1.69 per liter for kerosene.

DOE data showed that gasoline averages from P55 to P85.70 per liter, diesel at P54.25 to P79.85 per liter, and kerosene from P72 to P84.60 per liter in the National Capital Region.

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