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Manila Bulletin devider Business devider Diesel, gasoline prices to decrease next week

Diesel, gasoline prices to decrease next week

Published Oct 18, 2024 04:49 am

After a series of price increases, Filipino motorists can expect some respite at the pump. 

According to Jetti Petroleum, based on the latest four-day Moving Average of Singapore Platts (MOPS) data, fuel prices are expected to decrease next week.

Diesel is projected to see a rollback of approximately P0.90 to P1.10 per liter, while gasoline prices are likely to drop by around P0.50 to P0.70 per liter. Kerosene is also expected to experience a reduction of P1.03 per liter.

Jetti Petroleum President Leo Bellas attributed the estimated price decrease to easing tensions in the Middle East. 

Reports suggested that Israel is less likely to target nuclear and oil facilities in the region, diminishing concerns about supply disruptions.

Additionally, Bellas noted that the projected slowdown in China's economy is expected to temper global demand growth for fuels in 2025, contributing to the decline in prices.

“[There is] the weak demand outlook, driven by concerns over Chinese demand,” Bellas said.

“The tight regional supply of diesel and gasoline due to ongoing refinery maintenance and unplanned shutdowns has also limited the potential downside on prices,” he added.

Fuel firms announce the official per liter adjustments in pump prices every Monday, to be effective the following day.

Last Tuesday, oil companies implemented a hike of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel, and P2.60 per liter for kerosene.

The latest round of increase brought the year-to-date total price adjustment of gasoline and diesel to stand at a net increase of P9.05 per liter and P6.75 per liter, respectively. 

On the other hand, kerosene has a year-to-date total net decrease of P2.75 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P50.20 to P70.20 per liter, diesel from P46.40 to P61.00 per liter, and kerosene from P67.29 to P78.14 per liter, according to latest data from the DOE's price monitoring.

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