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Oil rollbacks anticipated next week

Business

Oil rollbacks anticipated next week

By Gabriell Christel Galang

Motorists will get another round of price relief in the second week of March.

Based on the four-day trading in Mean of Platts Singapore (MOPS) and the forex average, gasoline is anticipated to drop by somewhere around ₱1.40 to ₱1.70 per liter, while diesel could decline by ₱0.70 to ₱1.20.

Kerosene is also expected to ease down by around ₱1.50 to ₱1.70.

These potential price slashes could be attributed to the United States’ (US) stockpiles, tariffs, and the increase in output from oil-producing countries, as noted by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB).

“[There is a] build up of commercial crude oil stockpiles from the US, [and] OPEC+ plans to increase their outputs by April,” said Rodela Romero, OIMB director.

The additional supply could potentially dampen the growing fuel prices throughout the start of the year.

Additionally, Jetti Petroleum announced that there is a looming concern on US tariffs, as Jetti president Leo Bellas stated, “Oil prices fell because people are worried that US tariffs and the tariffs from other countries will slow down the economy and lower the demand for fuel.”

If the rollbacks persist, it will be the second time this month that fuel prices drop.

Earlier this week, gasoline leveled down by ₱0.90 per liter, diesel by ₱0.80 per liter, and kerosene by ₱1.40 per liter. The Ukraine-Russia ceasefire helped with the price discounts, along with the slow demand from South Korea and the US.

Subsequently, prices of liquefied petroleum gas (LPG) had a minimal decrease of ₱1.20 per kilogram (kg) throughout March.

Related Tags

Diesel Kerosene prices rollbacks Gasoline prices fuel price

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