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Manila Bulletin devider Trade & Energy devider Diesel prices cut by P2.70/liter; gasoline by P2.20/liter

Diesel prices cut by P2.70/liter; gasoline by P2.20/liter

Published May 8, 2023 06:26 am
Big relief awaits consumers this week as the price of major petroleum products will be trimmed by significant amounts, based on the pricing adjustment advisories of the oil companies. For diesel products, the price decrease will be at heftier scale of P2.70 per liter; while gasoline prices will be down by P2.20 per liter, according to the announcement of the industry players. Kerosene, which is the other essential commodity in the weekly cost swings at the pumps, will have a rollback of P2.55 per liter. As of press time, the oil firms that already sent notices on their price reductions had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel, PetroGazz and PTT Philippines effective Tuesday (May 9); while their rival players are all anticipated to follow. Prior to this round of price downswing, a monitoring report of the Department of Energy (DOE) has shown that price adjustments since the start of the year registered overall increase of P6.05 per liter for gasoline products; while there was aggregate decline of P4.35 per liter for diesel; and P4.95 per liter for kerosene. Trading prices in the world market nosedived last week due to lingering fears of global economic slowdown, compounded by the collapse of another bank in the United States – and that has been intensifying jitters of probable banking crisis. As of Monday (May 8) trading, prices in the world market as benchmarked on Brent crude inched up slightly to $75 per barrel from where it plunged to at the level of $74 per barrel last week. As hinted by industry experts, news of falling inventory in the United States partly lifted up prices; combined with other factors such as hijacked tankers in the Persian Gulf as well as stalemate on oil exports from the northern region of Iraq. The continued rollback in pump prices will be highly beneficial to the Philippines, especially for its public transport sector that has been constantly suffering from financial distress if prices will be on upticks at the pumps. Nevertheless, oil markets will be bracing forward for developments that may exert new round of pressure on supply and demand, including the scheduled meeting of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) next month.

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