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Manila Bulletin devider Business devider Mixed adjustment in pump prices anticipated next week

Mixed adjustment in pump prices anticipated next week

Published May 31, 2024 03:24 am

At A Glance

  • Apart from MOPS, another major factor driving prices up at the domestic pumps is the radical depreciation of the Philippine peso versus the US dollar – given that oil commodities being retailed to end-users in the country are all imported.

The rollercoaster ride on oil price adjustments will have favorable turn for gasoline users this week, as the price of this commodity will be on rollback, based on the estimates of the industry players; while diesel and kerosene will track price uptrend.

According to the oil companies, the price of gasoline products will be reduced by P0.65 to P0.95 per liter; while diesel will have an increase of P0.40 to P0.70 per liter.

The price swing for kerosene, which is a base product for the aviation industry and an essential commodity for many household users, will also on inauspicious rise of P0.55 to P0.85 per liter.

If reckoned exclusively on the four-day trading outcome of the Mean of Platts Singapore (MOPS), the calculated price rollback for gasoline will be P0.98 per liter; although that might still change depending on Friday (May 31) trading results.

Conversely, the MOPS-calculated price hike for diesel products had been pegged at P0.416 per liter; while kerosene prices will have upward adjustment of P0.767 per liter.

Apart from MOPS, another major factor driving prices up at the domestic pumps is the radical depreciation of the Philippine peso versus the US dollar – given that oil commodities being retailed to end-users in the country are all imported.

As of May 30, the foreign exchange rate already skidded to P58.635 versus the greenback; and such clearly entails that the Philippine oil companies will need more dollars to purchase oil supply.

In the global market, the most anticipated market-mover development will be the scheduled June 1 meeting of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) with discussion seen focused on production cut extension.

If the major league of global oil producers will adhere to firmer compliance on the agreed production cutback, it is projected that this will help lift prices anew to record-high levels.

At the early part of Friday (May 31) trading, however, oil prices tumbled anew to $81 per barrel after its escalation to $83 per barrel range in recent days.

Related Tags

US dollar Oil prices Mean of Platts Singapore Organization of the Petroleum Exporting Countries production cut
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