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Manila Bulletin devider Business devider Heftier rollback in diesel, kerosene expected next week

Heftier rollback in diesel, kerosene expected next week

Published Nov 4, 2023 01:30 am

At A Glance

  • <img src="https://images.mb.com.ph/production/mb-mkt-neo-prod-1-uploads-2/media/Oil_Price_Trends_November_4_2023_1680058ed9/Oil_Price_Trends_November_4_2023_1680058ed9.jpg" alt="Oil Price Trends - November 4, 2023.jpg">

Happy driving days will continue for Filipino consumers next week as oil prices will continue to track downtrend at the domestic pumps, according to the calculation of the oil companies.

Based on the estimates of the industry players, the price of diesel in particular will have a heftier rollback of P1.00 to P1.40 per liter; while gasoline product prices will be trimmed at relatively leaner P0.40 to P0.80 per liter.

For kerosene, which is generally used as a base for aviation fuel and also a key commodity for households and key industries, its price reduction will be P0.80 to P1.20 per liter.

The oil firms will implement their price adjustments on Tuesday (November 7) based on cost swings of the Mean of Platts Singapore (MOPS) index, with integrated impact of foreign exchange rate (forex) fluctuations, market premium as well as biofuel costs.

So far, the MOPS-calculated price reduction across products had been P1.236 per liter for diesel; P1.032 per liter for kerosene; and P0.0643 per liter for gasoline; but the final adjustments will depend largely on the sway of competitive market forces.

Prior to this round of adjustment, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still logged net increases of P14.20 per liter for gasoline; P10.45 per liter for diesel; and P5.04 per liter for kerosene.

As indicated by global experts, the prices of traded fuel commodities were generally on downswing last week as fuel inventories had been on escalation – especially in the United States, signaling a scenario then that the market is well supplied with oil.

Nevertheless, there had been factors which emerged as of end-week trading that affected market sentiments; and that pulled back international benchmark Brent crude prices to the level of $87 per barrel from $84-$85 per barrel most trading days last week.

Market watchers noted that the decision of the US Federal Reserve and Bank of England not to hike interest rates had generally lifted prices by Friday (November 3) trading.

Onward, there are no clear direction yet how oil prices will be taking their stride next week and there are no definitive trend manifesting if the buoyed prices will carry on or if price crash will reign in markets again next week.

As an oil import-dependent country, price rollbacks will always be good news to Filipino consumers because that will take the edge off on household budgets; and will likewise ease inflationary pressures on the economy.
 

Related Tags

market forces interest rate hike Department of Energy Oil prices Mean of Platts Singapore
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