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Manila Bulletin devider Business devider Big time rollback shaping up for gasoline prices

Big time rollback shaping up for gasoline prices

Published May 9, 2024 10:53 am

At A Glance

  • Based on the outcome of three-day trading in the regional market, the price of gasoline products is projected to be trimmed by P1.90 to P2.30 per liter; while  diesel products will be pared by P0.80 to P1.20 per liter; and kerosene could potentially be lower by P0.85-P1.25 per liter.<br> 

A substantial financial breather may finally come at the pumps next week for consumers who are filling up their vehicles with gasoline products, as the price of this commodity is anticipated having a rollback in the vicinity of P2.00 per liter.

Based on the outcome of three-day trading in the regional market, the price of gasoline products is projected to be trimmed by P1.90 to P2.30 per liter.

Additionally, the price of diesel products will be pared by P0.80 to P1.20 per liter; while kerosene could potentially be lower by P0.85-P1.25 per liter.

If reckoned mainly on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments as of Wednesday (May 8) had been P2.375 per liter for gasoline; P1.065 per liter for diesel; and P1.208 per liter for kerosene.

There would still be two remaining trading days, hence, the final price adjustments might still change by Friday (May 10).

As gleaned from the monitoring report of the Department of Energy (DOE), cost movements since the start of the year still posted aggregate increases of P9.25 per liter for gasoline and P4.70 per liter for kerosene; while kerosene already logged net decline of P0.80 per liter.

International benchmark Brent crude was steadily tamed at $83 per barrel level in the initial trading days, but as of Thursday (May 9), it started its leap beyond $84 per barrel.

According to market watchers, the fresh wave of escalation in prices in the world market had been generally attributed to new reports of reduction in US crude stockpile, which is a reverse from last week’s estimated buildup.

With that latest market development, industry experts noted that the resulting cut in prices may turn out leaner by end-week trading on Friday (May 10); which will then be the basis of adjustments at the pumps next week.

For Filipino consumers,  the downtrend in oil prices will temporarily alleviate worries on soaring energy bills, especially so since the reverse is seen happening with its cousin in the power sector. 

 

 

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore US market crude stockpile
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