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Manila Bulletin devider Business devider Fuel price rollback coming next week

Fuel price rollback coming next week

Published Nov 15, 2024 02:37 am

The recent string of oil price hikes may be coming to an end, with industry analysts projecting a slight dip in prices next week.

Based on the first four days of trading on the Means of Platt Singapore (MOPS) and current foreign exchange rates, gasoline prices are anticipated to decrease by P0.75 to P0.95 per liter. Diesel prices are also expected to fall by P0.70 to P0.90 per liter.

This potential rollback is attributed to easing global demand, according to Jetti Petroleum President Leo Bellas. However, limited supply of diesel and gasoline from China is preventing a more significant price reduction.

China's reduced exports, which supply many Southeast Asian countries, have created a price floor, limiting the potential decline despite the weak global demand.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC+) is facing challenges in managing oil supply and prices. This is due to overproduction from some member countries, despite planned output cuts, and slower-than-expected demand growth in China over the summer.

OilPrice.com suggested that the recent U.S. presidential election results could influence OPEC+'s plans to postpone easing production cuts.

“Now, just as OPEC+ had planned to ease production cuts starting in January 2025, there’s a new unpredictable factor – the president-elect, whose actions could further destabilize the market,” it stated.

Analysts believe that the incoming administration's policies could lead to stricter sanctions on Iran, an OPEC member exempt from the production cuts. This could potentially disrupt Iran's oil exports, which reached a six-year high earlier this year.

"The president-elect is expected to intensify sanctions on Iran, potentially impacting the country's exports. Reduced Iranian supply could lead to higher oil prices if demand remains stable," OilPrice.com explained.

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Oil prices Oil price rollback
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