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Manila Bulletin devider Business devider Trade & Industry devider Rollback in oil prices to continue next week

Rollback in oil prices to continue next week

Hefty rollback in LPG prices seen by April 1

Published Mar 25, 2023 05:19 am
Consumers will continue to save on their fuel expenses next week, as oil companies have declared a fresh round of rollback at the oil pumps by Tuesday, March 28), the 13th week of price adjustments since the start of the year. According to industry players, gasoline prices will be trimmed by P0.65 to P1.05 per liter, while prices of the typically preferred diesel product for the transport sector will be reduced by P1.10 to P1.40 per liter. For kerosene, an essential commodity for households and key industries, like the aviation sector, this will be cut by P1.45 to P1.85 per liter, based on the calculation of the oil companies. Additionally, players of the liquefied petroleum gas (LPG) industry are projecting massive downtrend for this commodity by April 1 to the tune of P7.50 to P8.50 per kilogram and that could redound to overall reduction of P82.50 to P93.50 for the standard 11-kilogram cylinder being purchased by households for their cooking needs. LPG prices are adjusted monthly starting the 1st day of the month and this is benchmarked on Saudi Aramco contract prices, while prices at petroleum pumps move on a weekly basis as referenced on the Mean of Platts Singapore (MOPS), the pricing barometer for oil commodities traded in the region. A monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still logged overall increase of P5.50 per liter for gasoline products, while it was a reverse for diesel with a net decrease of P2.85 per liter, along with kerosene, which went down by aggregate P3.65 per liter. As noted by global experts, oil prices continued to nosedive on last week’s trading days because of the latest pronouncement by the Biden administration that the US is not keen on replenishing yet its strategic petroleum reserve (SPR) this year had not lifted market sentiment for a potential demand rebound. As of Friday, March 24 trading, settlement for international benchmark Brent crude futures was hovering at $74 per barrel, a steady level from the prior week. Nevertheless, oil industry watchers have been seeing "bright spots" for prospective market ricochet as the banking crisis appeared to have been easing already that is anticipated to usher in a fresh round of rally on prices in the days ahead. In the past weeks, the collapse of the Silicon Valley Bank in the US as well as that of Credit Suisse in Europe had triggered crash in global oil prices because many hedge funds and money managers were prompted into selling their oil futures and option contracts. Nevertheless, the panic had not lasted long because of the immediate remedial measures enforced to calm market uncertainties ignited by the disintegration of the two banks.

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Oil prices Mean of Platts Singapore Rollback DOE
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