Oil and fuel prices might continue to lower in coming months per DOE
One of the things keeping motorists at the edge of their seats since the start of the year has been the fluctuating fuel prices. In the months following January 2022, the country has been experiencing weekly changes in fuel prices.
However, in the past few weeks, the trend of fuel prices has been going down. Numerous factors have been cited as to why, but most experts point toward the recent lockdown of China.
The question on everyone’s mind is though, will fuel prices continue to fall? or is a big-time price hike on the horizon?
Oil and Fuel prices may continue to fall in the following months
It seems that the DOE has an answer to the question, according to Energy Secretary Raphael Lotilla the department’s forecast is that prices may continue to drop in the coming weeks and months.
He said this in response to a question by Senator Sherwin Gatchalian during the organizational meeting of the Senate committee on energy The Senator asked what the oil price outlook will be for the next six months, citing that it directly impacts fuel prices.
“On the oil price forecast, we would have to go by the forecast of the Development Budget Coordination Committee which in the macro-economic forecast is the basis for the budget and I think if I’m not mistaken, oil prices are on the decline,” Secretary Lotilla replied.
Now, we can take this news based on face value and assume that oil and fuel prices will just continue to drop. However, we must also remember that these are just forecasts and can change at any given time.
The fact remains that the price of oil and fuel is dependent on a number of factors, such as supply and demand, regional and global production capabilities, and of course the general stability of regions that supply oil to smaller countries like the Philippines.
It is a good thing though that the current forecasts are leaning towards a continuous drop in fuel prices, all we can do in the meantime is hope that the forecasts are correct.
