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Manila Bulletin devider Business devider Hefty oil price cuts next week

Hefty oil price cuts next week

Published Jul 16, 2022 10:31 am

Domestic pump prices will have another round of significant rollback next week as global oil prices tumbled below $100 per barrel.

Based on the calculation of the oil companies, the price of 92RON gasoline products will be cut by P5.30 to P5.50 per liter while RON95 gasoline will be trimmed by P6.50 to P6.70 per liter.

Diesel, which is regarded as a socially sensitive commodity because it is commonly used by public utility vehicles (PUVs) in the country, will be reduced by P2.00 to P2.20 per liter by Tuesday, July 19.

Kerosene, a product largely used as base for commercial aviation fuel as well as by other industries, will have comparatively smaller scale reduction of P0.50 to P0.70 per liter.

Prior to the next round of price cuts, a monitoring report of the Department of Energy (DOE) showed that price adjustments since the start of the year still incurred net increases of P36.80 per liter for diesel; P30.05 per liter for kerosene; and P24.30 per liter for gasoline.

According to international market experts, the downtrend in oil prices could still be attributed to continued fears of economic recession with many countries anticipating possible downtick in fuel demand.

Such spell of economic panic was likewise compounded by the enforcement of lockdown in some parts of China because of the "zero Covid tolerance" being advocated by that Asian "super power" country.

International benchmark Brent crude skidded to $99 per barrel, as market trading participants initially anticipated 100 basis points hike imposition of the US Federal Reserve because that was mainly viewed to be a contributing factor to highly probable oil demand contraction.

However, after the rate hike had been set at a lower 75 basis points, Brent crude settled back to $102 per barrel as of end-week trading on Friday. The Dubai crude, which is the pricing reference for Asian oil markets, leveled off at $99 per barrel.

Market watchers noted that the global oil market is still on its tumultuous state and that the price declines will just be temporary given tight supply conditions still reigning in the sector.

In the Philippines, the new Marcos administration has yet to flesh out its policy response to the highly volatile oil prices, primarily the cost hikes that had driven up petroleum commodity prices close to P100 per liter.

Malacanang recently made announcement on Energy Secretary-nominee Raphael Perpetuo Lotilla, but his appointment has yet to be firmed up following the issuance of a legal opinion by the Department of Justice (DoJ) stating that his directorship post in some energy companies does not cover the prohibition stated under the DOE Law.

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