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Manila Bulletin devider Business devider Oil prices expected on sustained rollback next week

Oil prices expected on sustained rollback next week

LPG prices up by P0.30/kg

Published Aug 1, 2024 11:39 pm

At A Glance

  • Based on the calculation of the industry players, the price of diesel products will likely decline by P0.35 to P0.75 per liter; while kerosene prices may go down by P0.15 to P0.55 per liter.
  • For gasoline products, it was on the edge of potential rollback of P0.15 per liter, or the price may remain steady or it could also go up by P0.15 per liter due to market risk premium.<br> 

Financial reprieve on consumers’ pockets is expected to continue next week as another round of modest price rollback is projected by the oil companies – especially for diesel and kerosene products.

Based on the calculation of the industry players, the price of diesel products will likely decline by P0.35 to P0.75 per liter; while kerosene prices may go down by P0.15 to P0.55 per liter.

For gasoline products, it was on the edge of potential rollback of P0.15 per liter, or the price may remain steady or it could also go up by P0.15 per liter due to market risk premium.

If referenced solely on the outcome of four-day trading in the regional market as indexed on the Mean of Platts Singapore (MOPS), the price cuts would be P0.23 per liter for gasoline; P0.43 per liter for diesel and P0.369 per liter for kerosene products.

While price formation at the pumps has been turning more favorable to consumers, the commodity they’re using for cooking took a reverse course, as the price of liquefied petroleum gas (LPG) increased by P0.30 per kilogram or P3.30 for the standard 11-kilogram cylinder.

The LPG price hike implemented primarily by leading player Petron Corporation as well as its industry peer Solane took effect on August 1 and that will stay for a month.

Nevertheless, the Department of Energy (DOE) has been reminding industry players that price increases in LPG and kerosene products cannot be implemented for areas which declared state of calamity following typhoon Carina’s devastation last week.

As prescribed under the Price Act, the freeze on specified commodity costs shall be effective for 15 days from the time that the state of calamity declaration had been enforced.

In the global market, industry players indicated that market sentiment remained bearish due to the continuing concerns of demand slowdown as has been manifesting on the economic performance of key countries like China.

That market outlook essentially reigned in recent trading days, that even the renewed escalation of tension in the Middle East and the reported potential supply disruption in Venezuela had been largely ignored in trading outcomes.

As of Friday (August 2) trading, international benchmark Brent crude had fallen to $79 per barrel level from a more robust P81 per barrel last week.

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore State of calamity liquefied petroleum gas
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