(Picture from Taguig.com)
Based on the forecast of the oil industry from the last four days of international trading, Assistant Director Rodela Romero of the Department of Energy-Oil Industry Management Bureau stated that a decrease in the price of petroleum products is expected next week.
Here are the expected price rollbacks:
Petrol - P0.30 to P0.65 per liter
Diesel - P0.30 to P0.55 per liter
Kerosene - P0.80 to P0.90 per liter
Romero stated, "This estimated adjustment is triggered by the International Energy Agency's (IEA) continued expectation of an oversupplied oil market in 2025 even if the Organization of the Petroleum Exporting Countries Plus (OPEC+) maintains production levels or continues to delay the unwinding of its voluntary production cuts."
On Tuesday, December 31, 2024, the final amount of the reduction in the price of petroleum products will be announced.
Last week, oil companies raised the prices per liter of diesel by P1.45, petrol by P0.50, and kerosene by P0.75.
