DOE oil monitor sees gasoline up, diesel down next week

Jacque Manabat, ABS-CBN News

MANILA - The Department of Energy said on Friday that based on the four-day trading, gasoline prices are expected to increase by P0.25 to P0.45 per liter, while diesel prices are expected to fall by P0.20 to P0.40 per liter. Kerosene prices, on the other hand, are projected to remain stable or see a slight increase of P0.10 per liter on Dec. 5.DOE Director of Oil Industry Management Bureau Rodela Romero said that this is influenced by the speculation surrounding the Organization of the Petroleum Exporting Countries and its allies (OPEC+) potentially extending or deepening supply cuts, contributing to the anticipated increase in gasoline prices. <ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/12/01/23/opec-slashes-oil-output-further-to-boost-flagging-prices'>OPEC+ slashes oil output further to boost flagging prices</a></li></ul>OPEC+ is currently reviewing its output policy, and if the supply cuts are extended or intensified, it could lead to a reduction in global oil supply, thereby pushing prices higher.Romero also said that a storm-related drop in oil output in Kazakhstan influenced the price adjustments. The adverse weather conditions have disrupted production in the country, resulting in a decrease in oil supply. This reduction in output has further contributed to the upward pressure on gasoline prices.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/04/22/22/driving-tips-to-save-gas'>Driving tips to save gas</a></li></ul>DOE also explained that the softer US dollar, and the decline in US inventories have affected the price outlook. A weaker US dollar typically leads to higher oil prices, making crude oil more expensive for buyers using other currencies. Moreover, a decline in US inventories suggests a tightening of supply, which can also contribute to price increases.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/spotlight/04/05/23/going-on-a-long-drive-here-are-some-tips-from-lto'>Less talk, take breaks: Safety tips for long drives this Holy Week</a></li></ul>"Ang dahilan for adjustment next, yung speculations sa nangyaring meeting kahapon kung itututloy nila ang supply cut for next year. Nagkaroon din ng bagyo sa black sea near Kazakhstan oil depot, naapektuhan yung loading sa Caspian pipeline consortium. Ibig sabihin, nabawasan din ang umiikot na produkto sa international oil market. Isa pang kadahilanan yung paghina ng US dollar at yung pagbaba ng imbentaryo ng US," Romero said. The agency said it has so far received 2 notifications that there would be no price movement for LPG in December.

OPEC+ is currently reviewing its output policy, and if the supply cuts are extended or intensified, it could lead to a reduction in global oil supply, thereby pushing prices higher.Romero also said that a storm-related drop in oil output in Kazakhstan influenced the price adjustments. The adverse weather conditions have disrupted production in the country, resulting in a decrease in oil supply. This reduction in output has further contributed to the upward pressure on gasoline prices.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/04/22/22/driving-tips-to-save-gas'>Driving tips to save gas</a></li></ul>DOE also explained that the softer US dollar, and the decline in US inventories have affected the price outlook. A weaker US dollar typically leads to higher oil prices, making crude oil more expensive for buyers using other currencies. Moreover, a decline in US inventories suggests a tightening of supply, which can also contribute to price increases.<ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/spotlight/04/05/23/going-on-a-long-drive-here-are-some-tips-from-lto'>Less talk, take breaks: Safety tips for long drives this Holy Week</a></li></ul>"Ang dahilan for adjustment next, yung speculations sa nangyaring meeting kahapon kung itututloy nila ang supply cut for next year. Nagkaroon din ng bagyo sa black sea near Kazakhstan oil depot, naapektuhan yung loading sa Caspian pipeline consortium. Ibig sabihin, nabawasan din ang umiikot na produkto sa international oil market. Isa pang kadahilanan yung paghina ng US dollar at yung pagbaba ng imbentaryo ng US," Romero said. The agency said it has so far received 2 notifications that there would be no price movement for LPG in December.

DOE Director of Oil Industry Management Bureau Rodela Romero said that this is influenced by the speculation surrounding the Organization of the Petroleum Exporting Countries and its allies (OPEC+) potentially extending or deepening supply cuts, contributing to the anticipated increase in gasoline prices. <ul class='op-related-articles'>	<li><a href='https://news.abs-cbn.com/business/12/01/23/opec-slashes-oil-output-further-to-boost-flagging-prices'>OPEC+ slashes oil output further to boost flagging prices</a></li></ul>

MANILA - The Department of Energy said on Friday that based on the four-day trading, gasoline prices are expected to increase by P0.25 to P0.45 per liter, while diesel prices are expected to fall by P0.20 to P0.40 per liter. Kerosene prices, on the other hand, are projected to remain stable or see a slight increase of P0.10 per liter on Dec. 5.

The DOE said that based on the four-day trading, gasoline prices are expected to increase, while diesel prices are expected to fall. 

DOE oil monitor sees gasoline up, diesel down next week | ABS-CBN News

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DOE oil monitor sees gasoline up, diesel down next week

DOE oil monitor sees gasoline up, diesel down next week