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Manila Bulletin devider Business devider Massive rollback in pump prices due next week

Massive rollback in pump prices due next week

Roughly P3.00/liter cut in diesel prices eyed

Published Nov 10, 2023 11:28 pm

At A Glance

  • <img src="https://images.mb.com.ph/production/mb-mkt-neo-prod-1-uploads-2/media/Fuel_price_trends_November_11_2023_6f658c037b/Fuel_price_trends_November_11_2023_6f658c037b.jpg" alt="Fuel price trends - November 11, 2023.jpg">

As global oil prices crashed to $78 per barrel level, Filipino consumers can look forward to hefty rollback in fuel prices next week, especially for diesel and kerosene products, according to the oil companies.

Based on the estimates of the industry players, the price of diesel products will have a significant reduction of P3.00 to P3.40 per liter; while kerosene prices will be trimmed by P2.00 to P2.40 per liter.

For gasoline products, the price cuts will be leaner at P0.60 to P1.00 per liter because the demand for this commodity had been significantly higher in the region last week.

The oil firms will be adjusting their prices on Tuesday (November 14) based on the Mean of Platts Singapore (MOPS) index and will be anchored on the outcome of trading of finished petroleum products in the region.

The MOPS-calculated price rollbacks hovered at P3.224 per liter for diesel; P2.267 per liter for kerosene; and P0.829 per liter for gasoline; but the final adjustments at the pumps may differ due to competitive market forces plus the impact of foreign exchange rate, market premium and biofuel costs.

Prior to the next round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still logged net increases of  P13.75 per liter for gasoline; P9.35 per liter for diesel and P3.99 per liter for kerosene.

According to global experts, the main trigger to plummeting prices in the world market had been weaker-than-expected economic data for China; the oil inventory buildup of major economies – primarily the United States; as well as decline in demand due to high freight costs.

International benchmark Brent crude, in particular, dropped to as low as $78 per barrel level by mid-week but it was able to climb back to $80 per barrel as of Friday (November 10) trading.

For now, industry watchers are anticipating that a price shift may reign in markets again soon given the scheduled meeting of the Organization of the Petroleum Exporting Countries and ally-producers (collectively known as OPEC+) by November 26 in Vienna, Austria.

Saudi Arabia’s Energy Minister Prince Aldulaziz, in particular, sounded off that the recent nosedive in prices could just have been due to ‘market speculation’, and such may have been bereft of the real market conditions, especially on the production side of things.

It remains a guessing game if the global oil producers would opt for fresh production cuts after some time of hiatus on modifying their output quota.

But while prices are on downswing, this will cheer oil import-dependent economies like the Philippines, because this does not only entail lower prices at the pumps, it could also ease inflationary pressures on the costs of basic commodities and services. 

 

 

 

 

Related Tags

Department of Energy Mean of Platts Singapore global economy Saudi Arabia oil prices
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