High fuel prices may persist until end of 2023 – DOE
MANILA, Philippines — The Department of Energy (DOE) on Tuesday said that the high fuel prices may persist until the end of 2023.
DOE Oil Management Bureau Director Rino Abad said this is due to the consistently tight prices of global crude oil.
“Mayroon po tayong ini-expect na mataas pa rin na price because of the tightness, remaining tightness towards the end of the year,” he explained in the Bagong Pilipinas Ngayon briefing.
(We are expecting fuel prices to remain high due to the tightness in supply towards the end of the year.)
Abad, however, said that the increase in prices may not be as intense as previous increases as the fuel shortage compared to the previous month is forecast to be reduced by the end of the year.
Citing the International Energy Agency, Abad said fuel shortage peaked at 3 million barrels per day in August and may go down to 500,000 barrels per day “before the end of the year.”
Abad also floated the possibility of fuel prices saturating, albeit, remaining at relatively high prices.