Oil prices may hold steady or see slight rollback, says official

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A gas station clerk refills a tricycle’s tank at a station in Manila on March 15, 2022. Motorists and commuters continue to struggle as oil prices continue to skyrocket. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/news/07/02/20220315-oil-price-hike-manila-gc-0338.jpg"/><figcaption>A gas station clerk refills a tricycle’s tank at a station in Manila on March 15, 2022. Motorists and commuters continue to struggle as oil prices continue to skyrocket. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA — Oil firms are expected again to cut pump prices for the fourth time next week. </p><p>Based on the four-day exchange in the global market, gasoline prices are expected to drop slightly by P0.60 to P0.80 centavos per liter, and for kerosene, a decrease of up to P0.15 centavos per liter is possible.</p><p>Diesel used by jeepneys, meanwhile is expected to not move or drop by as little as P0.30 centavos per liter. </p><p>Rodela Romero, director of the Department of Energy&#x27;s Oil Industry Management Bureau, said oil supply may outpace demand until the second quarter of 2024. </p><p>&quot;Meron oversupply ng 120,000 barrels per day compared with the world demand, unlike previous outlook na mataas ang demand kumpara sa supply,&quot; she said. </p><p>“Dun din sa outlook na mataas ang supply kesa sa demand magpapatuloy siya hanggang second quarter of 2024 but palagi nating tatandaan on a week-on-week na pangyayari may relevant news na magpapabago,&quot; Romero added. </p><p>Romero also noted that the tension in the Middle East has yet to greatly affect global oil prices. </p><p>Still, the DOE reminds the public that oil prices remain volatile despite a projected downward trend.</p><p>The price of petroleum products may significantly impact the upcoming hearing for the appeal to increase jeepney fares. </p><p>DOE said it is working closely with the Land Transportation Franchising and Regulatory Board to coordinate efforts regarding the petition for a jeepney fare hike. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/09/23/ltfrb-p1-jeepney-fare-hike-implementable">LTFRB says P1 jeepney fare hike implementable even sans new fare matrix</a></li></ul><p>The recent price adjustments resulted in a year-to-date net increase of P13.05/liter for gasoline, P6.35/liter for diesel, and P1.69/liter for kerosene.</p><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2875713" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Fuel prices may hold steady or see a slight decrease in the third week of November, an official said on Friday. 

Oil prices may hold steady or see slight rollback, says official | ABS-CBN

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Oil prices may hold steady or see slight rollback, says official

Oil prices may hold steady or see slight rollback, says official

ABS-CBN News

Published Nov 17, 2023 06:39 AM PHT

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Updated Nov 17, 2023 02:40 PM PHT

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