By Myrna Velasco
Prices at the pumps will have a very marginal rollback of P0.10 to P0.20 per liter next week for an array of gasoline and diesel products being retailed at the country’s deregulated downstream oil sector.
(Mark Balmores / MANILA BULLETIN)
As assessed by the Department of Energy (DOE), price cuts will be very lean because global cost swings just tracked downtrend around Thursday last week.
The energy department indicated that the impact of the trade war between the United States and China would still be worth monitoring, as well as the forthcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and the Russian-led alliance of global producers in Vienna next month.
These two main factors are expected to exert pressure on international prices in the coming weeks – in addition to the recurrent geopolitical factors, especially in the Middle East where crux of global oil production flourishes.
Oil companies are expected to adjust prices at the pumps on Tuesday (May 28), as has always been their market routine.
Prior to this round of price cuts, the cost ranges for gasoline products had been at: P57.89 to P62.31 per liter; then diesel at P41.55 to P50.19 per liter; and kerosene at P48.52 to P56.25 per liter.
Domestic prices follow cost movements in the international market because the Philippines has been more than 90 percent import-dependent on its oil requirements. (MMV)