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Manila Bulletin devider Business devider Kerosene expected on rollback next week

Kerosene expected on rollback next week

Gasoline, diesel prices likely unchanged

Published Dec 16, 2023 12:22 am

At A Glance

  • The overall prognosis for the international oil market next year will be for it to stay along the course of price volatilities, especially with the specter of unforeseen geopolitical events – a precept that will continue to cause jitters to import-dependent economy like the Philippines. 

There is high probability that gasoline and diesel prices will not change next week, but consumers could expect rollback in kerosene prices by P0.45 to P0.85 per liter, according to the oil companies.

Based on the industry players’ calculations, the cost movement for gasoline could either be a very marginal rollback of P0.15 per liter; and diesel at P0.20 per liter or prices will stay at current levels for both products.

If reckoned on the adjustments indexed on the Mean of Platts Singapore (MOPS), the estimated price cuts had been at P0.167 per liter for gasoline; then diesel at P0.212 per liter; and kerosene at P0.885 per liter.

The oil firms will be adjusting their prices on Tuesday (December 19) and it would still be anchored on MOPS, reflecting the outcome of trading for finished petroleum products in the regional market.

This will be the second to the last round of price adjustment that consumers will be experiencing at the pumps before the world breaks off from 2023 – a year that put the oil industry in another wave of roller coaster ride when it comes to dizzying price fluctuations.

Prior to the forthcoming round of price swings, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still logged net increases of P11.00 per liter for gasoline; P3.85 per liter for diesel; and P0.54 per liter for kerosene.

It is manifest that with price rollback anticipated for next week, the commodity that will post very negligible reduction will be kerosene, an essential base for aviation fuel and also a key product used at households and other industries.

In the world market, prices just started tracking uptrend anew as of Friday (December 15) trading because of recent pronouncement of the US Federal Reserve that it will be trimming interest rates next year.

That particular development lifted market sentiments; and it had pushed international benchmark Brent crude to $76 per barrel level; up from the $74-$75 per barrel scale it has been hovering at in previous trading days.

The overall prognosis for the international oil market next year will be for it to stay along the course of price volatilities, especially with the specter of unforeseen geopolitical events – a precept that will continue to cause jitters to import-dependent economy like the Philippines. 

 

 

 

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore interest rates Brent crude
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