Saturday, April 1, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home Price

DOE sees bigger oil price rollback of about P5 to P6

9 months ago
in Price
DOE sees bigger oil price rollback of about P5 to P6
Share on FacebookShare on Twitter


Consumers will see a higher rollback in pump prices of around P5 to P6 per liter across all petroleum products by Tuesday, the Department of Energy confirmed on Friday.

Rino Abad, DOE director for the Oil Industry Management Bureau, said the four-day trading mark showed a higher decline in global oil prices of around $16 to $17 per barrel compared to last week.

This is higher than the $10 per barrel decline seen during the Monday to Wednesday trading days.

“The P5 to P6 per liter rollback is an estimate,” Abad said, as he attributed the drop in world oil prices to ongoing concerns over US interest rate hikes.

The global supply tightness and recession fears also continued to fuel the volatility in world oil prices.

According to a report by CNN, the West Texas Intermediate fell below $100 per barrel this week amid US recession concerns that could dampen global demand.

Last July 5, local oil companies cut diesel prices by P3 a liter and kerosene by P3.40 a liter. Gasoline prices did not move.

These adjustments brought net increases of P42.90 per liter for diesel, P36.35 per liter for kerosene, and P30 per liter for gasoline since the start of the year.

On Thursday, Abad said pump prices were likely to go down by P4 a liter for diesel and P3 a liter for gasoline next week, as the decline in world oil prices would likely offset the impact of the peso’s depreciation against the US greenback.

From June 27 to July 1, the Philippine peso depreciated week-on-week against the US dollar by P0.56 to P54.97 from P54.41 the previous week.

Meanwhile, concerns of a slowdown in global economic demand also affected oil prices.

On July 5, the oil companies cut diesel prices by P3 a liter and kerosene by P3.40 a liter. Gasoline prices did not move.

These adjustments brought net increases of P42.90 per liter for diesel, P36.35 per liter for kerosene, and P30 per liter for gasoline since the start of the year.

President Ferdinand Marcos Jr. met with key Energy officials Thursday to address the continued rise in oil prices. No details of the meeting were released, however.

The meeting came two days after Marcos said he planned to expand the coverage of the government’s fuel subsidy to public transport operators and drivers by including tricycle drivers.

The Department of the Interior and Local Government (DILG) earlier announced that over 600,000 tricycle drivers nationwide will be receiving a fuel subsidy.

The Land Transportation Franchising and Regulatory Board (LTFRB) began releasing cash subsidies for other public transport operators an drivers in March.

The President has yet to name an Energy secretary.

Meanwhile, Pilipinas Shell Petroleum Corp. launched this week the first carbon offset offer to the public and its first electric vehicle (EV) charging service in the country.

The launch of Shell Recharge and Shell NBS Carbon Offset Service is part of the steps Pilipinas Shell is undertaking to meet its goal toward a lower carbon footprint and cater to customers’ changing needs.

Pilipinas Shell is making its Nature-based Solutions (NBS) Carbon Offset Service available to B2B Fleet customers and everyday drivers who want to go carbon neutral.

Under the NBS, customers can opt to compensate for the equivalent carbon emissions from their fuel purchase for an additional service fee per liter.



manilastandard.net

Latest Oil News

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

February 1, 2023
Oil Under Pressure As API Reports Large Crude, Product Builds

Oil Under Pressure As API Reports Large Crude, Product Builds

January 31, 2023
African economies: How to respond to rising global crises

African economies: How to respond to rising global crises

January 30, 2023
Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

January 29, 2023
Tags: biggerDOEoilpricerollbacksees
Previous Post

Azerbaijan approves budget execution of State Oil Fund for 2021

Next Post

Oil stocks on the march as brent crude rebounds

Related Posts

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript

by Oil Market News
February 1, 2023
0

Marathon Petroleum Corporation (NYSE:MPC) Q4 2022 Earnings Call Transcript January 31, 2023Operator: Welcome to the MPC Fourth Quarter 2022 Earnings...

Oil Under Pressure As API Reports Large Crude, Product Builds

Oil Under Pressure As API Reports Large Crude, Product Builds

by Oil Market News
January 31, 2023
0

Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday,...

African economies: How to respond to rising global crises

African economies: How to respond to rising global crises

by Oil Market News
January 30, 2023
0

Treasury CS Prof Njuguna Ndung'u. The Covid-19 pandemic triggered a profound setback after a quarter-century of economic and social progress....

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

Fuel prices to increase by 7%-13% from February 1, 2023 – IES

by Oil Market News
January 29, 2023
0

The Institute for Energy Security (IES) is predicting between 7% and 13% jump in the prices of petrol, diesel and...

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

Why Germany Dragged Its Feet on Leopard Tanks to Ukraine

by Oil Market News
January 28, 2023
0

The decision to provide heavy tanks to Ukraine in significant numbers constitutes a step change in western military support for...

Indexes Rally and Notch Weekly Gains

Indexes Rally and Notch Weekly Gains

by Oil Market News
January 27, 2023
0

US stocks closed higher Friday after reversing early-session losses.  Easing inflation data added to investor optimism that the Federal Reserve...

Next Post
Oil stocks on the march as brent crude rebounds

Oil stocks on the march as brent crude rebounds

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

Oil settles $3 lower on China COVID surge and firmer dollar

U.S. crude turns positive, Brent pares losses on OPEC+ cut rumors

4 months ago
What Does Europe’s Ban On Russian Oil And Gas Mean For The West?

What Does Europe’s Ban On Russian Oil And Gas Mean For The West?

10 months ago
Oil to average US$92 in 2023 as ‘strong cycle’ kicks in: RBC

Oil to average US$92 in 2023 as ‘strong cycle’ kicks in: RBC

4 months ago
Neptune Energy starts drilling 9th production well at Germany’s Rӧmerberg field

Neptune Energy starts drilling 9th production well at Germany’s Rӧmerberg field

8 months ago
Biden’s Green Energy Boom Could Send The Electric Car Sector Into Overdrive

Biden’s Green Energy Boom Could Send The Electric Car Sector Into Overdrive

11 months ago
ADVERTISEMENT
Chickens are ‘coming home to roost’ in the shale patch

Chickens are ‘coming home to roost’ in the shale patch

March 31, 2023

Vitol profits soar to record $15bn on back of energy crisis

March 30, 2023

US natural gas prices: déjà vu all over again

March 29, 2023

Is the oil price bounce on?

March 28, 2023

‘Full investigation’ promised into UK wildlife haven oil spill

March 27, 2023

Libyan state oil chief stresses support across divided country

March 26, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Chickens are ‘coming home to roost’ in the shale patch

Chickens are ‘coming home to roost’ in the shale patch

March 31, 2023
Vitol profits soar to record $15bn on back of energy crisis

Vitol profits soar to record $15bn on back of energy crisis

March 30, 2023
US natural gas prices: déjà vu all over again

US natural gas prices: déjà vu all over again

March 29, 2023
Is the oil price bounce on?

Is the oil price bounce on?

March 28, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.