THERE will be no 12th straight week in oil price hikes as the Department of Energy (DOE) predicts a cut in diesel and kerosene prices next week.
“Malakas ang tsansa sa diesel at kerosene pero sa gasoline, bantayan pa natin,” DOE Oil Management Bureau chief Rino Abad said in a TeleRadyo Serbisyo interview yesterday.
Abad said there could be a 50-60 centavo cut in diesel prices before the end of the month.
“Pwedeng walang adjustment sa gasolina o may kaunting rollback pero alanganin,” he said.
The DOE official noted there has been a tempering in oil prices in the past week despite lack of any policy changes. He said the pump price hikes could have reached peak saturation, allowing supply to meet demand.
Pump prices increased for the 11th straight week on Tuesday, Sept. 19, with diesel prices increasing by P17.30 per liter, gasoline by P11.85 per liter, and kerosene by P15.94 per liter since July 11.
Abad earlier said the public may need to endure high oil prices until the end of the year as global crude supplies remain tight.
Based on OPEC’s projections and the forecast of the International Energy Agency (IEA), Abad said, the reduced output from oil producers will persist “until the end of the year.”
Last month, the fuel shortage peaked at 3 million barrels per day, but the IEA said the projected shortfall may go down to 500,000 barrels per day before the end of the year. (ABS-CBN News)
