Fuel price adjustments forecasted this week

CITY OF SAN FERNANDO --- Adjustments in the pump prices of fuels have been forecasted for the trading period from March 19 to 25, 2024.

Unioil Petroleum Philippines, said in its March 16 post that the price per liter of diesel may go up by P0.10 to P0.20 per liter and gasoline may go down by P0.10 to P0.20 per liter.

No estimates on the possible price movement of kerosene was made by the oil firm.

On March 16, independent monitoring site Fuel Price Update Philippines said that gasoline may go up by P0.10 to P0.40 per liter, diesel by P0.00 to P0.10 per liter and kerosene by P0.00 to P0.10 per liter.

The Department of Energy said the price prediction is due to factors affecting fuel trading in the international market, negating the possibility of a rollback anew.

Last week, the price per liter of gasoline, diesel, and kerosene went down by P0.50, P0.25, and P0.30, respectively.

The DOE said a possible rollback is attributed to the forecast that crude production in the United States will rise in 2024 and 2025, which could offset the production cuts implemented by members of the Organization of the Petroleum Exporting Countries.

Increases in fuel prices, on the other hand, are driven by the increase in oil demand and drop in crude inventories in the United States, and increase demand in India, further affected by the recent attacks by Ukraine on the four largest Russian refineries contributing to the increase of oil prices or decrease in any expected rollback, the DOE added.

Final adjustments are expected to be made by oil companies on Monday.

These are expected to take effect the following day.


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