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Manila Bulletin devider Business devider Mixed adjustments in oil prices due at the pumps next week

Mixed adjustments in oil prices due at the pumps next week

Published Mar 29, 2024 02:03 am

At A Glance

  • Based on calculations, the price of gasoline products will rise by P0.30 to P0.70 per liter; while diesel prices will be trimmed by P0.55 to P0.95 per liter; and kerosene prices will also go down by P0.80 to P1.20 per liter.

Consumers will have mixed experiences at petroleum pumps next week as the price of gasoline is anticipated to increase; while diesel and kerosene prices will be on rollback, according to the estimates of the industry players.

Based on calculations, the price of gasoline products will rise by P0.30 to P0.70 per liter; while diesel prices will be trimmed by P0.55 to P0.95 per liter; and kerosene prices will also go down by P0.80 to P1.20 per liter.

If anchored mainly on the outcome of trading as referenced on the Mean of Platts Singapore (MOPS), the projected adjustments would be P0.311 per liter hike for gasoline products; P0.777 per liter price cut for diesel; and P1.096 per liter reduction for kerosene products.

It is expected that the price adjustments by Tuesday (April 2) will already be within that level because this week’s trading in Singapore already closed on Thursday (March 28) because of the Lenten break.

Since the prospective adjustments are generally leaner, it will then come easier on the pockets of consumers – especially those who will be driving back following the massive exodus from Metro Manila and other urban centers during the Holy Week.

Prior to the next round of price adjustments, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year already summed up to aggregate increases of P7.75 per liter for gasoline; P5.10 per liter for diesel; and P1.05 per liter for kerosene.

As emphasized by industry experts, gasoline prices had been on uptrend last week due to decline in US stocks while there was a moderate hike in China’s demand for this commodity.

For diesel and kerosene, there will be cost downswing at the pumps next week because of price softening for these products in the regional market.

Global oil prices were generally on seesaw last week, and slowdown had been mainly attributed to the stockpile buildup of the United States, the world’s biggest oil consumer.

As of Friday (March 29) trading, international benchmark Brent crude inched up beyond $87 per barrel, but there are no clear indications yet if that will be sustained in the forthcoming trading days.

Related Tags

US stockpile Oil prices Department of Energy (DOE) Mean of Platts Singapore geopolitics
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