Petroleum product prices are likely to fall by much to P3.70 per liter next week
According to Rodela Romero, assistant director of the Department of Energy's (DOE) Oil Industry Management Bureau, price decreases of P1 to P1.20 per liter for gasoline, P3.50 to P3.70 per liter for diesel, and P2.20 to P2.40 per liter for kerosene are expected.
This was determined by tracking the Mean of Platts Singapore (MOPS) from November 21 to November 24.
MOPS, the daily average of all trading transactions in the Singapore trading center for petroleum products, acts as the standard for pricing gasoline products across Southeast Asia, including the Philippines.
Romero cites tightening restrictions in China owing to a rise in COVID-19 instances, an increase in the United States' crude inventories, which resulted in decreased demand, and the price ceiling imposed on Russia's crude as factors for the likely fall in gasoline prices.
“Bagamat hindi kagandahan yung kadahilanan kasi ang isang primary reason yun pa ring surge ng COVID sa mainland China (Although this is not good, the surge of COVID-19 cases in mainland China was among the reasons),” said Romero at the Laging Handa public briefing.
"The second reason is that the United States' fuel inventory increased, which translated to lower demand," she explained.
"The price cap on Russian crude (being considered in G7 countries, among others) is another reason for the potential rollback next week if sustained until Friday trading," she noted.
Local oil companies cut gasoline costs by P0.40 per liter, diesel prices by P2.15 per liter, and kerosene prices by P2.10 per liter last week.
Based on the DOE's monitoring, the cumulative increases per liter are P17.75 for gasoline, P33.85 for diesel, and P27.85 for kerosene.
SOURCE
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