Mixed oil price movement seen in first week of December
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Mixed oil price movement seen in first week of December
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Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/File
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/File MANILA (UPDATE) — Prices could go up for gasoline and decrease for diesel and kerosene in the first week of December, the Department of Energy said Friday.
MANILA (UPDATE) — Prices could go up for gasoline and decrease for diesel and kerosene in the first week of December, the Department of Energy said Friday.
The following mixed oil price movement is expected next week, said DOE's Oil Industry Management Bureau director Rino Abad.
The following mixed oil price movement is expected next week, said DOE's Oil Industry Management Bureau director Rino Abad.
Gasoline - P0.50 to P0.80 per liter increase
Diesel - P0.10 to P0.30 per liter decrease
Kerosene - P0.10 to P0.30 per liter decrease
Gasoline - P0.50 to P0.80 per liter increase
Diesel - P0.10 to P0.30 per liter decrease
Kerosene - P0.10 to P0.30 per liter decrease
But with premium and freight costs, the increase in gasoline may reach P1.00/L if today's trading prices remain high.
But with premium and freight costs, the increase in gasoline may reach P1.00/L if today's trading prices remain high.
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The DOE expects a global oversupply of fuel and low demand in the first quarter of 2025, Abad told TeleRadyo Serbisyo.
The DOE expects a global oversupply of fuel and low demand in the first quarter of 2025, Abad told TeleRadyo Serbisyo.
“Sigurado ho maganda ang magiging outlook sa price, bababa po ang price,” he said.
“Sigurado ho maganda ang magiging outlook sa price, bababa po ang price,” he said.
Based on projections, prices of fuel are likely to go down in the remaining weeks of 2024 until early 2025 due to lower overall demand, according to the Department of Energy.
Based on projections, prices of fuel are likely to go down in the remaining weeks of 2024 until early 2025 due to lower overall demand, according to the Department of Energy.
Jetti Petroleum President Leo Bellas meanwhile said there is a tightness in supply for gasoline in Asia but overall, crude oil prices are down after the ceasefire agreement between Israel and Hezbollah.
Jetti Petroleum President Leo Bellas meanwhile said there is a tightness in supply for gasoline in Asia but overall, crude oil prices are down after the ceasefire agreement between Israel and Hezbollah.
UNBUNDLING SOON
The DOE has started the process of requiring oil firms to submit information related to pricing after the government has won a case in the Supreme Court allowing the unbundling of prices.
The DOE has started the process of requiring oil firms to submit information related to pricing after the government has won a case in the Supreme Court allowing the unbundling of prices.
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According to the DOE, it will require data on import costs as well as other relevant costs that affect the overall pricing of fuel.
According to the DOE, it will require data on import costs as well as other relevant costs that affect the overall pricing of fuel.
LPG PRICES SLIGHTLY UP
For LPG, Regasco has already announced a P0.50/kg increase on Sunday, December 1, 2024.
For LPG, Regasco has already announced a P0.50/kg increase on Sunday, December 1, 2024.
Regasco President Arnel Ty says the contract price for LPG in the world market did not change for November to be reflected on December prices but the peso depreciated against the US dollar.
Regasco President Arnel Ty says the contract price for LPG in the world market did not change for November to be reflected on December prices but the peso depreciated against the US dollar.
That depreciation translates to an increase of P0.60/kg which Regasco rounded down to P0.50/kilo.
That depreciation translates to an increase of P0.60/kg which Regasco rounded down to P0.50/kilo.
Other major players like Gasul and Solane have yet to announce any price movement for Sunday, December 1.
Other major players like Gasul and Solane have yet to announce any price movement for Sunday, December 1.
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In the Philippines, price movement in LPG happens only once a month, usually the first day of each month.
In the Philippines, price movement in LPG happens only once a month, usually the first day of each month.
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