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Manila Bulletin devider Business devider Oil prices track another round of rollback next week

Oil prices track another round of rollback next week

Published May 3, 2024 12:40 am

At A Glance

  • Based on the estimates of the industry players, the price of gasoline products will be trimmed by P0.25 to P0.65 per liter; while diesel prices will be cut by relatively heftier P0.50 to P0.90 per liter; and kerosene by P0.45 to P0.85 per liter.<br> 

Financially beleaguered consumers can count on a slight relief on their pockets next week as another round of price rollback is anticipated at the domestic petroleum pumps, according to the oil companies.

Based on the estimates of the industry players, the price of gasoline products will be trimmed by P0.25 to P0.65 per liter; while diesel prices will be cut by relatively heftier P0.50 to P0.90 per liter.

Additionally, the price of kerosene - which is widely known as a base fuel for the aviation industry and also a key commodity for households and other industries, will have prospective reduction of P0.45 to P0.85 per liter.

If reckoned from the outcome of four-day trading in the regional market as referenced on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments had been: P0.498 per liter for gasoline; P0.713 per liter for diesel and P0.658 per liter for kerosene.

The oil firms indicated that the final price adjustment may still change depending on the swing of MOPS pricing by end of trading day on Friday (May 3); as well as on the fluctuation of the Philippine peso versus the US dollar.

Market watchers conveyed that the downward spiral in oil prices had been precipitated by perceived de-escalation of the Israel-Iran tension as underpinned by the ongoing ceasefire talks in Cairo, Egypt.

There is general expectation that if a ceasefire deal could be concluded successfully, the lingering armed conflict in Gaza may eventually ease, hence, that will help soften global oil prices.

Global experts noted that even the new round of missile attacks launched by the Houthis on a container ship in Yemen, had no longer impacted much on market sentiments this week.

Beyond geopolitics, it was emphasized that Mexico’s decision to reverse an earlier plan of export cuts also provided wider breathing room for supply in markets, hence, that helped pull down international oil prices.

As of Thursday (May 2) trading, international benchmark Brent crude had dipped to $83 per barrel level from last week’s $86 per barrel.

The declining oil prices will certainly provide respite to Filipino consumers, especially at this time when they would be shelling out more cash for other component of their energy bills because of the dizzying highs in electricity rates.

Related Tags

Oil prices Mean of Platts Singapore geopolitics Israel-Iran war ceasefire talks
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