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Manila Bulletin devider Business devider Rollback in kerosene, diesel prices expected next week

Rollback in kerosene, diesel prices expected next week

Published Dec 30, 2023 01:38 am

At A Glance

  • For year 2024, it is forecasted that oil prices will still track constant volatilities with industry experts projecting that it will likely stay mostly within the $80 per barrel range -- and players are still all eyes if decisions of the Organization of the Petroleum Exporting Countries (OPEC) will be influencing prices next year. 

Filipino consumers will have slight consolation on their pockets at the start of new year 2024, as the prices of kerosene and diesel products are anticipated to be on rollback next week, based on the calculation of the industry players.

According to the oil firms, kerosene prices will have significant reduction of P0.95 to P1.35 per liter; while diesel may have moderate price decline of P0.25 to P0.65 per liter.

For gasoline prices, the expectation will likely lean more on steady or unchanged prices, or it could be a rollback of P0.25 per liter.

Conversely, for liquefied petroleum gas (LPG) which is the preferred cooking fuel in most Filipino homes, its price is projected to rise by P3.25 to P3.75 per kilogram starting January 1, 2024; or equivalent P35.75 to P41.25 increase for the standard cylinder and that adjustment will stay for the rest of the month.

Meanwhile, for oil commodities at the pumps, if reckoned purely on the Mean of Platts Singapore (MOPS) index, the calculated price cuts by Tuesday (January 2) have been P1.364 per liter for kerosene, P0.648 per liter for diesel and P0.264 per liter for gasoline.

Nevertheless, since there are geopolitical risks impacting the shipment of petroleum commodities, it is highly anticipated that actual price adjustments at the domestic pumps may still change.

For year 2023 which will be waving us goodbye this week, oil price movements logged net increases of P12.60 per liter for gasoline; P5.65 per liter for diesel; and P1.24 per liter for kerosene, as culled from the monitoring report of the Department of Energy.

From last week’s upticks, market watchers noted that prices softened in recent trading days due to tamed demand – that’s in spite of the lingering geopolitical risks that have been impacting prices – primarily the recent assault of the Houthi militants at the Red Sea, which is a strategic route for vessels that have been delivering petroleum commodities to various parts of the world.

International benchmark Brent crude slackened to $77 per barrel as of end-trading on December 29; roughly $3.0 per barrel decline from last week’s surge.

For year 2024, it is forecasted that oil prices will still track constant volatilities with industry experts projecting that it will likely stay mostly within the $80 per barrel range -- and players are still all eyes if decisions of the Organization of the Petroleum Exporting Countries (OPEC) will be influencing prices next year.

Related Tags

Oil prices Department of Energy (DOE) MOPS Organization of the Petroleum Exporting Countries geopolitics
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