Oil prices poised to drop next week
Nation
Oil prices poised to drop next week
by Jim Fernandez12 July 2024
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After a succession of pump price hikes, the long-awaited rollback is anticipated for the following week.
According to the Department of Energy (DOE), the price of gasoline is set to go down by P0.70 to P0.90 per liter.
P1 to as much as P1.15 will be cut per liter of diesel and kerosene.
The final price adjustments will be announced on Monday, July 15, and will be implemented on Tuesday, July 16.
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DOE's Oil Industry Management Bureau Director III Rodela Romero imputed the price decrease to Hurricane Beryl--which swept through Texas, United States--the dollar's status, and the weak China inflation data.
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