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Manila Bulletin devider Business devider Slight rollback in pump prices next week

Slight rollback in pump prices next week

Published Aug 14, 2021 08:46 am

Relief in consumers’ pockets will continue next week as the oil companies have calculated slight rollback in oil prices to be passed on at the pumps.

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Based on estimates, the price of gasoline will be reduced by P0.20 to P0.30 per liter; diesel by P0.35 to P0.45 per liter; while kerosene prices will be cut by P0.40 to P0.50 per liter.

Nevertheless, the oil firms stated they still have remaining cost recoveries for ethanol blend in gasoline products; hence, there is a possibility of ‘no rollback’ for that fuel commodity.

As previously noted, the remaining pass-on cost of the oil firms on ethanol is still at P0.50 per liter and that is targeted to be reflected as increase in gasoline prices for two more weeks.

The oil companies are anticipated to implement the price cuts on Tuesday (August 17) based on the cost movement routine in the deregulated oil market – and that shall be mainly anchored on the Mean of Platts Singapore (MOPS).

The downtrend in oil prices in the world market came off after the International Energy Agency (IEA) cautioned of slowdown in global economic recovery because of resurgence of high Covid infections because of the Delta variant.

The Paris-based think tank indicated that global oil demand could just be increasing at a very gradual pace in the remaining months of the year, although this is seen boosted still by the United States, the world’s biggest oil consumer.

This is already the second batch of rollback in domestic pump prices this month – and it’s a break from cycle of increases in the past two months because of relatively robust oil demand within those periods.

Based on the monitoring report of the Department of Energy (DOE), pump prices since the start of the year still incurred a net increase of P13.25 per liter for gasoline; P10.40 per liter for diesel; and P8.70 per liter for kerosene.

Related Tags

#OIL #ROLLBACK #MOPS #DOE #IEA #GLOBALDEMAND
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