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Manila Bulletin devider Business devider Gasoline prices cut by P0.50/liter, diesel by P0.25/liter

Gasoline prices cut by P0.50/liter, diesel by P0.25/liter

Published Mar 11, 2024 02:36 am

At A Glance

  • If lower prices would still reign in trading days ahead, Filipino consumers can somehow expect another round of rollback at the pumps next week. 

Motorists will have slight relief in their pockets this week as the price of gasoline products will be on P0.50 per liter rollback; while diesel prices will be pared by P0.25 per liter, according to the pricing advisories of the oil companies.

Additionally, for kerosene which is a vital commodity base for aviation fuel as well as other industries, the price will be reduced by P0.30 per liter this week.

As of this writing, the oil firms that already advised on their price cuts effective Tuesday (March 12) had been Shell Pilipinas Corporation, Seaoil, Cleanfuel and PetroGazz; while their competitor-firms are all anticipated to follow.

This week’s price decline would still carry market risk premium from the lingering geopolitical tension in the Middle East, primarily the continued longer routes of commercial vessels delivering fuel commodities to market.

The Philippine oil companies have been enforcing weekly price adjustments at the pumps, not just purely based on the outcome of trading in the regional market as anchored on the Mean of Platts Singapore (MOPS), but also on the typical play of market forces.

Last week, colliding factors have influenced oil pricing in global markets, but it had been the cost declines which eventually prevailed, thus, the rollback that consumers can momentarily enjoy for the week.

Amid favorable trade data in China as well as uptick in India’s demand, the continued wobbly scenario on the continuation of production cuts of the Organization of the Petroleum Exporting Countries and its ally-producers (OPEC+) has been failing to lift market sentiments.

The crude inventory buildup in the United States, the world’s biggest oil consumer, had also been regarded as added factor which pulled down prices last week.

As of Monday (March 11) trading, international benchmark Brent crude has softened to $81 per barrel level from last week’s $82 per barrel, but there are no definitive indications yet that the downtrend will be sustained.

If lower prices would still reign in trading days ahead, Filipino consumers can somehow expect another round of rollback at the pumps next week.

Related Tags

Seaoil Philippines Oil prices Cleanfuel Mean of Platts Singapore Shell Pilipinas Corporation
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