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Manila Bulletin devider Business devider Mixed oil price adjustments next week

Mixed oil price adjustments next week

Published Jul 30, 2022 10:29 am

For the fifth time in a series of cost adjustments in the past two months, the pockets of consumers will be eased partly with the anticipated rollback in diesel and kerosene prices next week, but motorists using gasoline are not as lucky because the cost of this commodity will go up.

Industry players estimated that the price of diesel will be reduced by P0.45 to P0.65 per liter; and kerosene prices will be slashed by P0.50 to P0.70 per liter, while gasoline prices will climb by P0.55 to P0.75 per liter for RON92 products; and P0.65 to P0.85 per liter for RON95 gasoline commodities.

Oil firms will implement the calculated price adjustments on Tuesday, Aug. 2, as part of their routine when it comes to cost movements in the deregulated downstream oil industry.

The pricing adjustment reference is anchored on the Mean of Platts Singapore (MOPS), and they also factor in foreign exchange (forex) rate fluctuations as well as market premiums, biofuel costs and other charges.

An added price relief in consumer-budgets will be the projected price reductions for liquefied petroleum gas (LPG) to the tune of more than P2.00 per kilogram; which is the preferred cooking fuel in Filipino households.

LPG prices are adjusted based on the cost swings of international contract prices (CP) that are benchmarked on Saudi Aramco, the pricing reference for Asian markets.

Prior to the next round of oil price swings at the pumps, a monitoring report of the Department of Energy (DOE) showed that domestic oil prices still incurred net increases of P32.95 per liter for diesel; P28.05 per liter for kerosene; and P18.90 per liter for gasoline products.

The general price trend in the world market last week had been cost downtrend, but as of Friday (July 29) trading, international benchmark Brent crude significantly climbed back to $110 per barrel; while Dubai crude jumped to $102 per barrel anew – manifesting then that price hikes may reign at the pumps again in the weeks ahead.

Filipino consumers are still left without choice given the heavy reliance of the country on importation in meeting its oil needs – and the only assurance coming from the government would be grant of targeted subsidy to the marginalized sectors – such as the transport and agriculture sectors – if surging prices will dominate pricing trends again.

The Marcos administration is still figuring out its policy when it comes to volatile oil pricing. There is no definitive commitment yet from the new leadership at the DOE if proposed measures, like fuel cost unbundling, will be strongly supported by Energy Secretary Raphael Perpetuo M. Lotilla.

There have been proposals for the country to seriously study the setting up of strategic petroleum reserve (SPR), but the only policy pronouncement from the Marcos administration for now is to whet the appetite of investors in oil and gas exploration so this could usher in long-desired energy security for the country.

Related Tags

#OIL #PRICES #MOPS #BRENTCRUDE #LPG #DOE #SAUDIARAMCO
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