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Slight oil price rollback expected next week

Business

Slight oil price rollback expected next week

By Gabriell Christel Galang

Following weeks of rises, fuel prices are expected to decrease by the end of January; yet, this will not sufficiently offset the recent surges in cost.

Based on the four-day trading Means of Platts Singapore (MOPS), along with the forex average and recent activities in the global market, gasoline is anticipated to get a P0.70 to P1 rollback, while diesel could decrease by P0.20 to P0.55.

Kerosene could also decline from P0.40 to P0.50.

These potential price cuts could be attributed to market movements in the United States, as the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) cited the re-opening of refineries and ports in the US Gulf Coast.

Additionally, the return of the US president to the office would have impacts on the oil adjustments, as Rodela Romero, OIMB director stated that “[the] market considers how US president Donald Trump’s proposed tariffs could affect global economic growth and demand for energy.”

ING Economics explained that the US leader planned on seeking help from Saudi Arabia and other OPEC members to increase their oil production to dampen the fuel prices.

Aside from the US, Jetti Petroleum mentioned that the upcoming decrease in fuel prices could also be due to the lessened impact of global friction in the Middle East.

“[The] easing of geopolitical tensions in the Middle East could possibly lighten disruptions to the shipping route along the Red Sea,” said Leo Bellas, Jetti president. “Easing of diesel and gasoline price benchmarks as regional supply also remains sufficient.”

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Oil price rollback

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