Oil prices seen to decline again next week
Credit to Author: Jasper Emmanuel Arcalas| Date: Sat, 11 May 2024 09:30:00 +0800
MANILA, Philippines — Pump prices for fuel products could decline again next week, as oil prices in the Asian market fell amid favorable global political and economic conditions, according to the Department of Energy (DOE).
Rodela Romero, DOE-Oil Industry Management Bureau assistant director, said pump prices for gasoline, diesel and kerosene are expected to continue their downward trend next week.
Prices may go down by P2.00 to P2.25 per liter for gasoline, P0.50 to P0.85 for diesel and P0.90 to P1 for kerosene, according to the DOE’s estimates based on the recent four-day trading.
If the forecast materializes, it would be the third consecutive week that gasoline prices decrease, while it would be the fourth straight week of rollback for both diesel and kerosene.
Romero attributed the pump price rollback to easing oil prices in Asian trade due to “sustained” increase in US inventories and strengthening of the US dollar.
Citing reports, she added that the new ceasefire proposal for Gaza also contributed to lower global oil prices.
The final oil price adjustment will be announced on Monday and will take effect the next day.
Last week, oil companies slashed their prices on a per liter basis by P0.75 for gasoline, P0.90 for diesel and P1.05 for kerosene.
The year-to-date adjustments of gasoline and diesel stood at a per liter net increase of P9.25 and P4.70 respectively as of May 7, based on DOE monitoring.
Meanwhile, kerosene posted a net decrease of P0.80 per liter.