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Manila Bulletin devider Business devider Streak of hefty oil price rollback to continue at the pumps next week

Streak of hefty oil price rollback to continue at the pumps next week

Published Sep 12, 2024 04:07 am

At A Glance

  • As reckoned on the three-day outcome of trading in the regional market, the estimated price cuts would be P0.85 to P1.25 per liter for gasoline, P1.10 to P1.50 per lite for diesel; and P1.15 to P1.55 per liter for kerosene products.
  • If referenced solely on the Mean of Platts Singapore (MOPS) index, the anticipated slash in prices will be P1.261 per liter for gasoline, P1.544 per liter for diesel and P1.538 per liter for kerosene products.<br> 

There will be another round of significant financial reprieve on the pockets of consumers next week as hefty price rollback will continue its streak at the gasoline stations next week, based on the calculation of the oil companies.

As reckoned on the three-day outcome of trading in the regional market, the estimated price cuts would be P0.85 to P1.25 per liter for gasoline, P1.10 to P1.50 per lite for diesel; and P1.15 to P1.55 per liter for kerosene products.

If referenced solely on the Mean of Platts Singapore (MOPS) index, the anticipated slash in prices will be P1.261 per liter for gasoline, P1.544 per liter for diesel and P1.538 per liter for kerosene products.

The next series of cost movements at the pumps will be on Tuesday (September 17) and it will follow the significant downturn in pump prices that had been implemented this week.

Apart from MOPS, the other factor influencing favorable movement in prices at the domestic pumps had been the relatively stronger value of the Philippine peso versus the US dollar.

Traders in the international market generally had bearish sentiment this week; and that is still a spillover of the planned production boost of the Organization of the Petroleum Exporting Countries (OPEC) as well as the demand slowdown precipitated by weak economic outlook across major economies.

China’s dwindling oil demand has been of particular concern to markets for several months already, and there are no signs yet that this will take a reverse course anytime soon.

In fact, some global industry players and even banks are projecting that oil prices would plummet to as low as $60 per barrel if depressed demand will persist in weeks to months ahead.

As of end-Wednesday (September 11) trading, international benchmark Brent crude was still hovering at $71 per barrel; and there are no major market fundamentals that could stir market play in the remaining days of the week.

To the Filipino consumers, this other round of price downtrend will provide fleeting moment that will be easy on household budgets, which is a very propitious development as many would already start preparing for heavy spending during the Christmas season. 

 

 

 

 

Related Tags

Oil prices foreign exchange Mean of Platts Singapore Organization of the Petroleum Exporting Countries oil demand slowdown
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