By Komfie Manalo
Motorists will pay less on petroleum prices when they gas up at the end of this month, the Department of Energy (DOE) said, basing their forecast on the 4-day trading in the Mean of Platts Singapore.
According to the DOE, gasoline prices are expected to decrease between P0.70 and P0.95, diesel prices are seen to decline by P0.70 to P0.95, and consumers may expect to pay P0.80 to P0.90 less for kerosene.
The decline in petroleum prices is due to the bearish market outlook, which is based on weakening demand and increasing supply. In addition, the ongoing ceasefire negotiations in Gaza threaten to erode the geopolitical risk premium of crude and petroleum products.
The energy department said a 15-day price freeze for kerosene and liquefied petroleum gas (11 kg & below) is being implemented upon declaration of the state of calamity in a particular area.
Moreover, the rice freeze is in effect in NCR amid a state of calamity due to Carina.
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