Another Oil Price Rollback Expected on Tuesday (May 4, 2024)

FUEL PRICE UPDATE – The Department of Energy announced that another oil price rollback is expected next week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) said that Filipino consumers can expect some relief at the pumps next week as fuel prices are expected to roll back.

On Friday (May 4, 2024), DOE-OIMB Director III Rodela Romero disclosed the projected ranges for the rollback, based on four days of trading leading up to May 7, 2024 (Tuesday).

Gasoline prices are expected to decrease by 0.20 to 0.45 pesos per liter, while diesel could see a more significant rollback ranging from 0.50 to 0.70 pesos per liter. Kerosene is also expected to decrease by 0.60 to 0.70 pesos per liter.

Romero pointed out that several factors affecting the world oil market are responsible for the declining trend in fuel costs. The downward trend in oil prices has been caused by global events such as the growing oil stocks in the US, the uncertainty surrounding US interest rate adjustments, and the anticipation of a ceasefire in the Israel-Gaza conflict.

Romero emphasized that final adjustments to the fuel prices will be determined after Friday’s trading, underscoring the dynamic nature of the oil market.

The impending rollback would mark the third consecutive decrease in pump prices over the past three weeks, providing much-needed relief to consumers who have been struggling with high fuel costs.

The prospect of lower fuel prices not only eases the burden on motorists but also has a positive ripple effect on transportation costs and household budgets.

Oil companies usually announce the final price adjustment every Monday and implement it on the following day.

The social media users expressed their reactions to the announcement:

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