^

Headlines

Another oil price rollback seen next week

Brix Lelis - The Philippine Star
Another oil price rollback seen next week
File photo of gasoline refill.
STAR / File

MANILA, Philippines —  Motorists can expect another round of rollbacks of domestic pump prices next week due to oversupply in the market, as demand remains lackluster.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) estimated a per-liter downward adjustment of P0.90 to P1.20 for gasoline, P1.30 to P1.60 for diesel and P1.50 to P1.65 for kerosene.

The estimates were based on the four-day trading in the Mean of Platts Singapore.

“Weakening global demand prospects and expectations of oil oversupply are the main factors for the said rollbacks,” DOE-OIMB assistant director Rodela Romero said.

She noted that OPEC+ has lowered its consumption forecasts for this year and the next, while crude demand in China continues to be “seasonally weak.”

In its September oil market report, OPEC+ trimmed its global oil demand forecast for 2024 by 80,000 barrels per day to 2.03 million b/d from 2.11 million b/d in the previous month’s assessment.

The oil demand growth forecast was likewise cut for next year by 40,000 b/d to 1.74 million b/d.

Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.

vuukle comment

OIL

PRICE

Philstar
x
  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with