AT A GLANCE
Based on the result of four-day trading in the regional market, the calculated price cut for gasoline had gone heftier at a comfortable level of P2.05 to P2.45 per liter; while diesel prices will soften by P0.55 to P0.95 per liter; and kerosene could be pared by P0.65 to P1.05 per liter.
Consumers who are filling up their vehicles with gasoline products will be the happiest in their drive to the petroleum pumps next week, as the price of this commodity is projected to have a rollback of more than P2.00 per liter.
Based on the result of four-day trading in the regional market, the calculated price cut for gasoline had gone heftier at a comfortable level of P2.05 to P2.45 per liter; while there was slight decline in anticipated price reduction for diesel and kerosene products.
For diesel, in particular, this is seen softening by P0.55 to P0.95 per liter; while kerosene could be pared by P0.65 to P1.05 per liter.
Of the three commodities, it had been diesel and kerosene that had gone more volatile as of Thursday (May 9) trading, hence, the price rollback shaping up had gone leaner by roughly P0.20 per liter.
If reckoned mainly on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments as of Thursday had been P2.477 per liter for gasoline; P0.865 per liter for diesel; and P0.974 per liter for kerosene.
The actual price adjustments could still change by Friday (May 10) trading, although industry players have indicated that the rollback trajectory may no longer be reversed.
As gleaned from the monitoring report of the Department of Energy (DOE), cost movements since the start of the year still posted aggregate increases of P9.25 per liter for gasoline and P4.70 per liter for diesel; while kerosene already logged net decline of P0.80 per liter. International benchmark Brent crude was steadily tamed at $83 per barrel level in the initial trading days, but as of Thursday, it started its leap beyond $84 per barrel; then it was down again to $83 per barrel by Friday.
According to market watchers, the fresh wave of escalation in prices in the world market had been generally attributed to new reports of reduction in US crude stockpile, which is a reverse from last week’s estimated buildup.
With that latest market development, industry experts noted that the resulting cut in prices may still track slightly down by end-week trading on Friday; which will then be the basis of adjustments at the pumps next week.
For Filipino consumers, the downtrend in oil prices will temporarily alleviate worries on soaring energy bills, especially so since the reverse is seen happening with its cousin in the power sector.
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