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Manila Bulletin devider Business devider Relief in consumers' pockets with oil price rollbacks next week

Relief in consumers' pockets with oil price rollbacks next week

Published Feb 23, 2024 01:57 am

At A Glance

  • The final calculation of price rollback at end-week trading on Friday (February 23) may still change, especially so since there is already manifestation of price escalations again in the world market.
  • The oil firms are also constantly reminding that the ultimate price adjustments at the pumps may differ because of sustained market risk premium being integrated in prices due to the niggling tension in the Middle East.
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Consumers’ pockets will have some breathing space next week as oil prices are anticipated to be on substantial rollback at the domestic pumps, based on the calculation of the oil companies.

According to the industry players, the price of gasoline products will be trimmed by P0.70 to P1.10 per liter; while diesel prices will be reduced by P0.85 to P1.25 per liter; and kerosene by P0.65 to P1.05 per liter.

If adjustments are purely reckoned on the Mean of Platts Singapore (MOPS) index within four-day trading, the estimated price cuts have been P1.022 per liter for gasoline; then P1.292 per liter for diesel; and P1.054 per liter for kerosene products.

Nevertheless, the final calculation of price rollback at end-week trading on Friday (February 23) may still change, especially so since there is already manifestation of price escalations again in the world market.

The oil firms are also constantly reminding that the ultimate price adjustments at the pumps may differ because of sustained market risk premium being integrated in prices due to the niggling tension in the Middle East.

Prior to the forthcoming round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that price fluctuations since the start of the year already logged aggregate increases of P6.15 per liter for gasoline; P5.40 per liter for diesel; and P1.50 per liter for kerosene.

As emphasized by industry experts, prices have waned in recent days because of intensifying worries on the slowdown of overall global demand, that’s in spite of China’s move to boost its economic growth prospects.

Amid new round of attacks on the Houthi and Rafah militants, it was noted that apprehensions on demand provided a counterweight to the impact of geopolitical events, hence, market sentiment had been generally on the weaker spot.

International benchmark Brent crude initially softened in recent trading days, however, as of Thursday (February 22) trading, prices surged above $83 per barrel – which was even higher than the $82 per barrel scale in the previous week.

The pricing compass is still swinging in either direction, hence, there is no certainty that next week’s price cuts will be sustained; instead, consumers’ financial pain at the pumps may take its agonizing comeback.

Downward spiral in oil prices will always be a positive news to consumers because it comes a little lighter on their wallets; but when prices skyrocket, it will not just squeeze them of weekly budgets but this will also have spiraling impact on the economy. 

 

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore economic growth geopolitics
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