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Fuel prices to go down again next week

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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.

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 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 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.

 

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