The Department of Energy (DOE) is warning that oil prices could climb again in the last week of September, after two weeks of rollbacks.
Assistant Secretary Rodela Romero of the DOE's Oil Industry Management Bureau says pump prices could increase by:
- Gasoline: P0.40 to P0.90 per liter
- Diesel: P0.00 to P0.40 per liter
- Kerosene: P0.00 to P0.20 centavos per liter
Romero attributes this potential increase to several factors:
- US Federal Reserve Rate Cut: The US Fed's recent interest rate cut has boosted demand, driving prices higher.
- Middle East Tensions: Ongoing tensions in the Middle East are also contributing to the upward pressure on prices.
- Decreasing US Inventory: A shrinking US oil inventory is another concern.
- Japanese Refinery Maintenance: A refinery in Japan undergoing maintenance is also impacting supply.
What are your thoughts on this potential price increase? Do you think it's likely to happen? How will this impact your budget?
Let's discuss! ⛽
