Cheaper fuel greets election 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
Fuel prices are expected to fall for a second straight week, with rollbacks seen across all major petroleum products, the Department of Energy (DOE) said.
Based on four-day trading, DOE-Oil Industry Management Bureau Director Rodela Romero said in a text message on Friday that gasoline may go down by P0.30 to P0.75 per liter, diesel by P1.00 to P1.35, and kerosene by P1.30 to P1.45.
Romero cited “OPEC+’s decision to increase June oil production levels combined with US or global tariff uncertainty has raised concerns about a possible supply glut” as one of the reasons for the projected price cuts. She added that uncertainty over trade talks between the US and China is also weighing on global oil prices.
The rollback will take effect next Tuesday, a day after the midterm elections on May 12.
This week, fuel retailers slashed prices by P0.55 per liter for gasoline, P0.65 for diesel, and P0.90 for kerosene, which broke the two-week price hikes.