Oil prices may roll back in first week of August: DOE
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Oil prices may roll back in first week of August: DOE
ABS-CBN News
Published Aug 02, 2024 09:57 AM PHT
MANILA -- Oil prices may roll back in the first week of August, the Department of Energy (DOE) said Friday.
MANILA -- Oil prices may roll back in the first week of August, the Department of Energy (DOE) said Friday.
DOE Oil Industry Management Bureau Director III Rodela Romero said petroleum prices may drop by the following amounts:
DOE Oil Industry Management Bureau Director III Rodela Romero said petroleum prices may drop by the following amounts:
Gasoline – no change or P0.20/liter decrease
Diesel – P0.20 to P0.40/liter decrease
Kerosene – P0.30 to P0.35/liter decrease
Gasoline – no change or P0.20/liter decrease
Diesel – P0.20 to P0.40/liter decrease
Kerosene – P0.30 to P0.35/liter decrease
Romero said weak China demand and the Organization of Petroleum-Exporting Countries (OPEC)'s plan to boost global supply may keep prices low.
Romero said weak China demand and the Organization of Petroleum-Exporting Countries (OPEC)'s plan to boost global supply may keep prices low.
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On the other hand, Middle East tensions and decreasing oil inventory in the United States may keep prices up or make rollbacks smaller, she noted.
On the other hand, Middle East tensions and decreasing oil inventory in the United States may keep prices up or make rollbacks smaller, she noted.
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