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Manila Bulletin devider Business devider 'Rollback': Oil prices expected to decline next week

'Rollback': Oil prices expected to decline next week

Published Apr 26, 2024 12:21 am

At A Glance

  • According to the industry players, the price of gasoline products will be reduced by P0.35 to P0.75 per liter, diesel by P0.40 to P0.80 per liter and kerosene prices will be trimmed by P0.75 to P1.15 per liter.

There is a silver lining after all amid the country’s energy insecurity dilemma, as oil prices will be on moderate rollback next week - a financial respite badly needed as consumers’ temper flare on consistent threat of rotational power service interruptions.

According to the industry players, the price of gasoline products will be reduced by P0.35 to P0.75 per liter, diesel by P0.40 to P0.80 per liter and kerosene prices will be trimmed by P0.75 to P1.15 per liter.

Based on the outcome of four-day trading in the regional market as indexed on the Mean of Platts Singapore (MOPS), the calculated adjustments have been P0.569 per liter for gasoline products; P0.639 per liter for diesel; and P0.964 per liter for kerosene.

There is still one trading day left, hence, the oil firms indicated that final price adjustments may still change by close of trading this Friday (April 26).

The Department of Energy (DOE) has also cautioned on possibility that the resulting rollback may end up leaner because of the depreciation of the Philippine peso’s value versus the US dollar, which on Thursday (April 25) had already closed at P57.78.

The almighty US dollar’s hegemony in oil markets entails that Philippine oil companies will be spending more on their procurements of crude or finished petroleum products in the international market; and the cost impact will be reflected at domestic pumps.

As emphasized by global experts, the geopolitical chessboard in the Middle East seems to have not been impacting market sentiments that much anymore because that appears to be a well-navigated territory already by traders.

In the Asian market, it was conveyed that the softening of prices had been partly precipitated by higher refinery runs, following the return-to-operation of many of these facilities from their routine turnaround activities.

Nevertheless, as of Friday (April 26) trading, international benchmark Brent crude was seen climbing back into the $89 per barrel territory from its descend to $86 per barrel in recent trading days.

While there are already new wave of market jitters, there is no definite direction yet where the pricing compass will be swinging to next in global oil markets. 

 

 

Related Tags

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