OIL prices are expected to go down by as much as P1.15 per liter next week to reflect the movement of prices in the world oil market.
Department of Energy director for the oil industry management bureau Rodela Romero said that based on the four-day trading in the Mean of Platts Singapore (MOPS), there will be a price rollback across all products.
Romero said gasoline will have a price rollback of P0.50 to P0.75 per liter, diesel by P1 to P1.15 per liter and kerosene by P0.90 to P1 per liter.
She said several factors moved oil prices downward such as the de- escalating tensions in the Middle East and potential crude supply surplus in early 2025.
Romero said other drivers include “oil demand growth to slow down in 2025 due to vehicle efficiency upgrade and the slowing economy of China.”
On Oct. 15 , the oil companies implemented an increase of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel and P2.60 per liter for kerosene.
Year-to-date total adjustment of gasoline and diesel stands at a net increase of P9.05 per liter and P6.75 per liter, respectively.
On the other hand, kerosene has a total net decrease of P2.75 per liter.
Prevailing retail prices of petroleum products in the National Capital Region for Oct. 8 to Oct. 14 range from P46.40 to P69.95 per liter and gasoline from P49.10 to P84.87 per liter.
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