Another petroleum price rollback seen next week
A gas station attendant changes the prices displayed on September 17, 2024. Fuel prices will drop starting September 17, 2024, with reductions of at least P1 per liter for gasoline, P1.30 for diesel, and P1.65 for kerosene. This decrease is attributed to weak global demand and concerns about oversupply, particularly from China and the U.S. Recent data show that the year-to-date net increases for gasoline and diesel have been P5.85 and P3.05 per liter, respectively. The rollback follows similar price cuts from the previous week, driven by sluggish demand and plans from oil-producing nations to increase output. PHOTOS BY YUMMIE DINGDING
YUMMIE DINGDING
Attention, motorists! A second round of price rollbacks for petroleum products is expected next week, according to the Department of Energy (DOE).
According to Rodela Romero, Assistant Director at the DOE Oil Industry Management Bureau, gasoline prices are anticipated to decrease by P1.40 to P1.70 per liter, diesel by P0.90 to P1.20 per liter, and kerosene by P1.50 to P1.70 per liter.
She attributed the rollback to the buildup of commercial crude oil in the United States and plans by the Organization of the Petroleum Exporting Countries to increase their output next month.
Tariff adjustments in China, Canada, and Mexico are also expected to impact prices amid the ongoing global trade conflict.
The DOE, however, noted that the estimate is based on a four-day global trade cycle and may change by the end of the trading day.