The Department of Energy predicts an increase in gasoline prices and a decrease in diesel and kerosene prices next week.
Gasoline prices are expected to climb while diesel and kerosene are projected to fall next week, according to the Department of Energy (DOE). Citing industry estimates based on international trading over the past four days, DOE Oil Industry Management Bureau assistant director Rodela Romero said the estimated adjustments are as follows: Gasoline - an increase of P0.40 to P0.70, Diesel - a decrease of P1.30 to P1.60, and Kerosene - a decrease of P0.85 to P1.00.
Several factors are contributing to these potential adjustments, including United States President Donald Trump’s call for lower oil prices and increased production in the US and other major suppliers, including the Organization of the Petroleum Exporting Countries (OPEC). The build-up of US inventory and uncertainty surrounding potential US tariffs on Canada and Mexico are also playing a role. However, Romero noted that the OPEC+ Joint Ministerial Monitoring Committee, which oversees the group’s crude production agreement, will meet on February 3rd to reassess the oil market situation. Fuel companies typically announce price adjustments every Monday, with the changes taking effect the following day.
FUEL PRICES GASOLINE DIESEL KEROSENE DEPARTMENT OF ENERGY OPEC
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