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Manila Bulletin devider Business devider Diesel, kerosene on rollback by P1.15/liter; gasoline by P0.65/liter

Diesel, kerosene on rollback by P1.15/liter; gasoline by P0.65/liter

Published May 2, 2022 03:12 pm

Filipino consumers will experience relief in their pockets this week as oil prices will be on rollback for the fourth time this year.

For the major products retailed at the pumps, oil firms advised that the price of diesel and kerosene will be reduced by P1.15 per liter while the price of gasoline will be trimmed by P0.65 per liter effective Tuesday, May 3.

As of press time, the oil companies that already enforced their price cuts include Pilipinas Shell Petroleum Corporation, Cleanfuel, PetroGazz, Seaoil, Chevron and PTT Philippines while the other firms are expected to go along with their competitors’ pricing leads.

This week’s price cuts had been due to the downswing of global oil prices because of tempered demand due to the prolonged Covid-19 lockdown in China and the earlier decision of member-countries of the International Energy Agency (IEA) for coordinated withdrawal from their oil stockpiles.

The rollback in pump prices followed the price cuts implemented for liquefied petroleum gas (LPG) over the weekend – at the scale of P5.73 to P5.75 per kilogram effective May 1 (Sunday); and that’s equivalent to P63.03-P63.25 cost reduction for the standard LPG tank being purchased by households.

The adjusted LPG prices will stay for a month; and prior to the latest round of cost movements, a monitoring report of the Department of Energy (DOE) showed that the pick-up price of LPG from various retail outlets in Metro Manila had been ranging from P915.75 to P1,135.75 for the 11-kilogram cylinder.

It was further indicated that Petron’s price of autoLPG for the transport sector had been pared by P3.22 per liter; while Phoenix Petroleum had trimmed the cost of its auto LPG product by a leaner P3.20 per liter.

Downtrend of fuel prices has always been the most awaited development by consumers, especially so since they have already been saddled with 14 waves of oil price upticks since the start of this year.

For next week, there is no clear trend manifesting yet as several geopolitical events have been influencing trading prices on a daily basis – among the key factors of which, are the lingering Russia-Ukraine war and the renewed surge of coronavirus infections which has been triggering fresh round of mobility restrictions.

By far, market watchers are looking forward to the outcome of the May 5 meeting of the Organization of the Petroleum Exporting Countries (OPEC) if they will lay down decisions that could help tame the niggling pricing uncertainties.

Related Tags

#OILPRICES #ROLLBACK #DOE #SHELL #CHEVRON #PTT #SEAOIL #PETROGAZZ #CLEANFUEL
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