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Gasoline, diesel prices expected to drop next week

Business

Gasoline, diesel prices expected to drop next week

By Gabriell Christel Galang

March is right around the corner, and the chances of oil price rollbacks are likely.

Based on the four-day trading Mean of Platts Singapore (MOPS) and the forex average, gasoline may cut back its prices somewhere around ₱0.80 to ₱1.20 per liter, while diesel could drop by ₱0.70 to ₱1.20 per liter.

Kerosene is also anticipated to decrease by ₱1.30 to ₱1.50 per liter.

Analysts predicted a slight relief in global oil price movement, especially with recent updates on the geopolitical developments that have affected prices in the past few weeks.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) and Jetti Petroleum cited an improvement in the Ukraine-Russia ceasefire which may ease down production and transport concerns within the area.

Additionally, the demand for fuel in South Korea has slowed down, as Rodela Romero, OIMB director, explained that this could be due to the lowered tax benefits.

Aside from this, potential rollbacks next week may be driven by movements from the United States.

“High US refined products inventories [and] upcoming tariffs being imposed by the US could slow demand,” she mentioned.

Jetti president Leo Bellas also cited more production to come in, as he shared that there would be a “potential rise in supply as output from several countries is on track to increase.”

Additionally, he stated that the recent ease in oil demand may be attributed to the trade war, despite the impact of new US sanctions on Iran.

This week, gasoline prices increased by ₱0.70 per liter, diesel jumped by ₱0.40 per liter, and kerosene was up by ₱0.20 per liter.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices

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