MANILA — Oil firms are expected again to cut pump prices for the fourth time next week.
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.
Diesel used by jeepneys, meanwhile is expected to not move or drop by as little as P0.30 centavos per liter.
Rodela Romero, director of the Department of Energy's Oil Industry Management Bureau, said oil supply may outpace demand until the second quarter of 2024.
"Meron oversupply ng 120,000 barrels per day compared with the world demand, unlike previous outlook na mataas ang demand kumpara sa supply," she said.
“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," Romero added.
Romero also noted that the tension in the Middle East has yet to greatly affect global oil prices.
Still, the DOE reminds the public that oil prices remain volatile despite a projected downward trend.
The price of petroleum products may significantly impact the upcoming hearing for the appeal to increase jeepney fares.
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.
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.