Rising fuel prices forecast to ease off by the last quarter of 2023
MANILA, Philippines — The recent rising trend in oil prices — and as a result in fuel prices — may ease off by the last quarter of the year, Energy Secretary Raphael Lotilla said on Tuesday in a Palace briefing.
Citing forecasts, Lotilla said: “The gap between supply and demand is going to narrow towards the end of the year and even continue in 2024 because there are additional supplies that are coming from other countries like Brazil and the US. And the US is lifting the embargo on Venezuela, so this will be adding to the supply.”
But despite a more positive outlook on the oil supply’s effect on fuel prices, Lotilla said that the government would continue its efforts to mitigate the effects of high fuel prices.
As part of this effort, Lotilla said that the government was working to make the transport sector shift to using electric vehicles, which he noted was one of the goals of President Ferdinand Marcos Jr.
“The president also emphasized the need for preparing the economy for the eventual manufacture of electric vehicles in the country and linking this up with the local mining sector that will produce the minerals needed for the production of batteries and other components of electric vehicles,” Lotilla said.