MANILA, Philippines: Fuel prices are expected to go down again next week due to an increase in US crude inventories, a strong dollar and developments in the Middle East, according to the Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) on Friday.
Gasoline, diesel and kerosene prices are expected to roll back by P2, P0.50 and P0.90 per liter respectively, according to oil industry sources.
The adjustments are based on the 4-day trading of Mean of Platts (MOPS) Singapore, the pricing basis for refined goods in Southeast Asia.
“The reason for next week’s movements are due to global developments which include the increase in US crude inventories; the strength of the dollar that downplayed expectations of lower interest rates this year; and lastly a report from Hamas Officials that accepted a new ceasefire proposal for Gaza,” DOE-OIMB Director Rodela Romero said.
Oil companies rolled back prices of gasoline, diesel and kerosene by P0.75, P0.90 and by P1.05 respectively last May 7.
Get the latest news
delivered to your inbox
Sign up for The Manila Times newsletters
By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy.
This website uses cookies. By continuing to browse the website, you are agreeing to our use of cookies.
Read More.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : The Manila Times – https://www.manilatimes.net/2024/05/11/news/fuel-prices-to-go-down-again-next-week/1945732
