DOE: Mixed fuel price movement next week

According to industry estimates, diesel may go up by P0.40 to P0.50 per liter and kerosene by P0.35 to P0.50 per liter.The Department of Energy director for the oil industry management bureau Rodela Romero confirmed the price movement but said the estimate is based on the four-day trading only.

‘Oil prices fell slightly in Asian trade due to concerns over slowing economic growth of China and other major economies while an uptick in U.S. production and exports showed supply may not be as tight as initially expected,” Romero said. Romero said the US Energy Information Administration weekly report showed that crude stockpiles fell by 6.135 million barrels during the week ended Aug. 18, also affecting the movement of oil prices.

On August 22, 2023, the oil companies implemented an increase of P1.10 per liter for gasoline, P0.20 per liter for diesel, and P0.70 per liter for kerosene. These price adjustments resulted in a year-to-date net increase of P14.50 per liter for gasoline, P8.80 per liter for diesel, and P5.84 per liter for kerosene.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Go pushes interventions to protect consumers vs counterfeit productsSenator Christopher Lawrence 'Bong' Go expressed his concern over the unchecked proliferation of fake products in the market, emphasizing the grave socio-economic consequences the nefarious pracrtice may bring. Go, member of the Senate Committee on Trade, called upon the Department of Trade and Industry (DTI) and other agencies to ensure…
Source: BusinessMirror - 🏆 19. / 59 Read more »

Gov’t combats market abuses to ensure food price stabilityThe government launched a market linkage program to stop price manipulation and ensure that food products reach consumers at affordable
Source: MlaStandard - 🏆 20. / 55 Read more »

High petroleum prices seen to persist until end of 2023A Department of Energy (DOE) official on Tuesday said oil price hikes are expected to continue until the end of the year. During the Laging Handa public briefing, Oil Industry Management Bureau Director Rino Abad said tighter supply has boosted global oil prices, with the output cuts from Saudi A
Source: EdgeDavao - 🏆 23. / 51 Read more »