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Manila Bulletin devider Business devider Hefty rollback for oil prices seen next week

Hefty rollback for oil prices seen next week

Published Jun 7, 2024 03:20 am

At A Glance

  • Based on the calculations of the industry players, the price of diesel will have a sharp reduction of P1.10 to P1.50 per liter; while gasoline prices will be down by P0.65 to P1.05 per liter; and kerosene prices will be slashed by P1.05 to P1.45 per liter.

The battlefield of relentless volatile oil prices will be in the favor of Filipino consumers next week, as the domestic oil companies are anticipating hefty rollback at the pumps across products.

Based on the calculations of the industry players, the price of diesel will have a sharp reduction of P1.10 to P1.50 per liter; while gasoline prices will be down by P0.65 to P1.05 per liter.

For kerosene, this week’s estimated price cut of P1.05 to P1.45 per liter will also propitiously aid the aviation sector as well as the other sectors that have been depending on this commodity for operations and daily grind in life and businesses.

If reckoned solely on the outcome of four-day trading as indexed on the Mean of Platts Singapore (MOPS), the price declines have been estimated at P1.494 per liter for diesel; P0.935 per liter for gasoline; and P1.469 per liter for kerosene.

According to industry experts, bearish sentiment reigned in markets this week despite the earlier decision of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) to extend production cuts into 2025.

In the consensus reached by the global producers, there had been pronouncements that member-markets still have the leverage to relax or reverse the enforced production cuts based on the signal that they have been seeing at markets.

For the United Arab Emirates (UAE), in particular, it has been opting for multi-step ramp up of production by 300,000 barrels per day through 2025.

It was emphasized that the overall prognosis would be that markets may still be well-supplied with oil, hence, prices have been leaning on the softer side.

As of Thursday (June 6) trading, international benchmark Brent crude had further softened to the level of $79 per barrel, shedding more than $2.0 from relatively escalated $81 per barrel scale last week.

In the case of the Philippines, the downtrend in global oil prices will momentarily bring relief to the pockets of its consumers and will ease off pressure brought about by elevated foreign exchange rate, which is another determinant in oil pricing.

Related Tags

Oil prices foreign exchange Mean of Platts Singapore Organization of the Petroleum Exporting Countries Brent crude
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