Motorists filling up their vehicles with gasoline products will have easier budgets this week, as the price of this commodity will be on a heftier rollback of P1.40 per liter, based on the pricing advisories. For diesel products, there will be a leaner reduction of P0.70 per liter; while kerosene prices will be down by a marginal P0.20 per liter. As of this writing, the oil companies that already sent notices on their price cuts had been Pilipinas Shell, Seaoil, Cleanfuel and PetroGazz effective Tuesday, April 25, while their competitors in the industry are anticipated to match their adjusted prices. This week’s trimmed prices at the domestic pumps will follow the index swing of the Mean of Platts Singapore (MOPS), the routine reference pricing of the deregulated downstream oil industry of the Philippines. Lower prices at gasoline stations will serve as a relief to the pockets of many consumers, especially to the public utility vehicle (PUV) drivers who constantly struggle on making ends meet for their families. There was a reverse course of global oil prices last week because of reinforced sentiment of weaker economic growths that will likely be registered by major economies of the world – that even China’s increase in oil demand proved largely unnoticed. Further, industry experts noted that the fresh round of interest rate hike being planned by the US Federal Reserve added gloomy sentiment to the market, hence, prices tracked downtrend most trading days last week. As of Monday (April 24) trading, spot prices for futures contract of international benchmark Brent crude was still at $81 per barrel, which was the same level where prices had declined to last week. The manifest softer prices came from a spike of $87 per barrel earlier this month – that was when the Organization of the Petroleum Exporting Countries and ally-producers (collectively known as OPEC+) had announced targeted production cuts starting May this year. There is no concrete direction yet where international oil prices will be heading to this week, therefore, it remains a guessing game whether there will be reduction or increase at the pumps next week.