Fuel prices to go down again next week

By

-

a week ago

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.

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 (MOPS) 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.

Oil companies rolled back prices of gasoline, diesel and kerosene by P0.75, P0.90 and by P1.05 respectively last May 7.

Read The Rest at :

Manila Times

Topics:

Fuel

prices

to

go

down

again

Disclaimer : Mymoneytimes implements extreme caution and care in collecting data before publication. Mymoneytimes does not liable for the adequacy, accuracy or completeness of any given information. Hence we are not liable for any kind of direct or indirect loss caused by the use of such information.