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Manila Bulletin devider Business devider Diesel, kerosene prices up; gasoline down

Diesel, kerosene prices up; gasoline down

Published May 20, 2024 03:55 am

At A Glance

  • Based on the pricing advisories of the industry players, the price of diesel products will be up by P0.25 per liter – which is a reverse of 'no price change' expectations; while gasoline products will incur measly price cut of P0.10 per liter; and kerosene prices will go up by P0.30 per liter.<br> 

Motorists filling up their vehicles with diesel products won’t have a happy drive to petroleum stations this week as the price of this commodity will be on uptrend; while those using gasoline products can benefit from marginal reduction in the current round of price adjustments.

Based on the pricing advisories of the industry players, the price of diesel products will be up by P0.25 per liter – which is a reverse of ‘no price change’ expectations if based solely on the Mean of Platts Singapore (MOPS) index.

For gasoline products, there will be measly price cut of P0.10 per liter; while kerosene prices will also go up by P0.30 per liter.

According to the oil companies, there had been increase in diesel prices due to market premium and freight cost adjustments; although MOPS calculation indicated a reduction of P0.045 per liter.

As of this writing, the oil companies that already sent notices on their cost movements effective Tuesday (May 21) had been Shell Pilipinas Corporation, Cleanfuel, Seaoil Philippines, PetroGazz, Chevron and PTT Philippines; while all of their competitor-firms are anticipated to follow.

Industry experts noted that prices were just swinging up and down last week because of wobbly economic fundamentals affecting market sentiments.

International benchmark Brent crude, in particular, had been on a seesaw from $82 to $84 per barrel last week due to reports of oil inventory drop in the US market; while China has been logging demand improvement for its manufacturing sector.

Adding up to developments which affected international oil markets last week had been the forecast of the International Energy Agency (IEA) on lower crude demand, which will likely be pared by 140,000 per day this 2024.

The IEA emphasized that crude demand will just hover at 1.06 million barrels per day, on prospects of poor industrial activity as well as projected downtrend in diesel consumption globally.

There are no clear indications yet how prices will move this week, but one market development being monitored is possible outturn of the reported helicopter crash of Iranian President Ibrahim Raisi, primarily on its impact on the Middle East tension that has been relentlessly exerting pressure on oil prices.

Related Tags

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