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Manila Bulletin devider Business devider Modest rollback in pump prices anticipated next week

Modest rollback in pump prices anticipated next week

Published Mar 9, 2024 03:50 am

At A Glance

  • The rollercoaster ride in international oil prices, so far, is momentarily taking stride more on cost swings that are friendlier to consumers' pockets, although there are no certainties yet that this will be sustained in the weeks ahead. <br> 

Consumers will be perked up slightly next week, as oil prices will just be on modest 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 P0.55 to P0.95 per liter; while diesel prices will be down by P0.20 to P0.60 per liter.

For kerosene, which is the other commodity in the triumvirate of weekly price fluctuations, it will have a price reduction of marginal P0.10 to P0.50 per liter.

If the estimated price downswing will be anchored purely on the outcome of trading in the regional market as referenced on the Mean of Platts Singapore (MOPS), the price cuts would hover at P0.755 per liter for gasoline; diesel at P0.411 per liter; while kerosene will be pared by P0.297 per liter.

Prior to the forthcoming round of adjustments, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year already accrued to net increases of P5.95 per liter for gasoline; P4.05 per liter for diesel and P0.05 per liter for kerosene.

As emphasized by industry experts, collision of market forces generally influenced sentiments in the global market last week, but factors triggering flatlining in prices somehow reigned overall.

The major market developments which whipped up demand last week include favorable trade data from China as well as India’s higher oil consumption.

Nevertheless, the crude inventory buildup in the United States as well as the perceived lack of traction in the targeted extension of production cuts of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) provided counterweight to price pressures out of the positive economic outcomes from the Asian giant-markets.

At end-week trading on Friday (March 8), international benchmark Brent crude slightly softened to $82 per barrel, a downturn from last week’s relatively robust $83 per barrel level.

The rollercoaster ride in international oil prices, so far, is momentarily taking stride more on cost swings that are friendlier to consumers’ pockets, although there are no certainties yet that this will be sustained in the weeks ahead. 

 

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore economic growth Organization of the Petroleum Exporting Countries
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