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Manila Bulletin devider Business devider Diesel prices cut by P2.15/liter, gasoline by P0.40

Diesel prices cut by P2.15/liter, gasoline by P0.40

Published Nov 21, 2022 01:58 pm

Vehicle owners using diesel fuel will benefit from a relatively hefty price rollback of P2.15 per liter this week, while gasoline users will just experience marginal price decline of P0.40 per liter, as announced by the oil companies.

For kerosene, which is an essential commodity for the aviation sector and households and other key industries, will likewise be slashed by P2.10 per liter.

As of this writing, oil firms that already advised on their price reductions include Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, Chevron, PetroGazz and PTT Philippines effective Tuesday (November 22). Other oil firms are expected to follow.

Prior to this round of cost movements, a monitoring report of the Department of Energy (DOE) shows that price adjustments since the start of the year still posted net increases of P36.00 per liter for diesel; P18.15 per liter for gasoline; and P29.95 per liter for kerosene.

Oil companies are enforcing price adjustments at the pumps based on the swing of commodities’ trading in the regional market anchored on the Mean of Platts Singapore (MOPS), the pricing reference of the domestic downstream oil sector.

Global oil prices plunged to as low as $86 per barrel last week for international benchmark Brent crude largely due to continued threats of global economic recession likely pummeling markets in the months ahead.

The other factor that had been triggering downward pressure on demand is the pronouncement of China on the plan to ease its "zero tolerance" Covid policy because such restriction has been stifling prospective near-term hike in global oil demand.

The continued downtrend in prices has been coming as a bit of good news for consumers of a highly import-dependent economy like the Philippines, because this will mean less budget that motorists will have to shell out for their daily drive and commute to work and other travel destinations.

Global experts have been relentless in giving projections though that the "era of high oil prices" is not over yet and new wave of cost upticks could happen once China would already pursue wider reopening on its economic activities; including allowing easier process of entry for travelers in that Asian ‘super power’ territory.

Another development in markets being closely watched is how some major European countries would be addressing the "energy crunch" that had been afflicting their economies and citizens, especially during the winter season when they would be requiring more fuel to satiate their heating needs.

Related Tags

#OIL #PRICES #ROLLBACK #SHELL #CLEANFUEL #SEAOIL #CHEVRON #PETROGAZZ #PTT
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