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Manila Bulletin devider Business devider Diesel on rollback by P0.95/liter; but gasoline up by P0.55/liter

Diesel on rollback by P0.95/liter; but gasoline up by P0.55/liter

Published Apr 22, 2024 04:53 am

At A Glance

  • Based on the pricing advisories of the oil companies, the price of diesel will be on rollback by P0.95 per liter; while gasoline prices will climb by P.055 per liter; and kerosene will have P1.10 per liter price reduction.
  •  

Motorists using diesel products can have a smile on their faces when they fill up their tanks; while those with gasoline-fed vehicles will have nothing but frustration on their drive to the gasoline stations this week.

Based on the pricing advisories of the oil companies, the price of diesel will be on rollback by P0.95 per liter; while gasoline prices will climb by P.055 per liter.

Additionally, consumers utilizing kerosene products – including industries like aviation, will experience financial relief in the P1.10 per liter price reduction for this commodity as enforced by the industry players.

As of press time, the oil firms that already sent notices on their price adjustments effective Tuesday (April 23) had been Shell Pilipinas Corporation, Seaoil, Cleanfuel, PetroGazz, PTT Philippines and Jetti Petroleum; while their competitor-firms are all anticipated to follow.

The cost movements at the domestic pumps are generally anchored on the swing of prices in the regional market as indexed on the Mean of Platts Singapore (MOPS); but one determinant also being watched keenly by the industry would be the swing of the Philippine peso versus the US dollar in the days and weeks ahead.

According to industry experts, there had been general expectation of upticks in world oil prices last week due to the intensifying geopolitical tension aggravated by the Israel-Iran war, but the impact was rather muted, as traders had been more eagle eyed on other market developments.

International benchmark Brent crude was at $90 per barrel rally in the initial trading days last week, but it still retreated to $86 per barrel by close of Friday (April 19) trading despite the retaliation that was launched by Israel against Iran.

Beyond recurring geopolitical concerns, oil markets are similarly setting sharp focus on the supply-demand fundamentals, including the slowdown in consumption of major economies like China and the inventory buildup of the United States.

As an import dependent economy, the Philippines will have no choice but to go along with the sway of prices in the world market.

Currently, there are no major developments tracked by markets yet that could bring back prices to escalated levels; although the driving season in the US in the coming weeks is anticipated to be adding pressure to market demand. 

 

 

Related Tags

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