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AT A GLANCE
Based on the outcome of five-day trading in the regional market, the price of gasoline products will be trimmed by P0.75 to P1.15 per liter; while diesel prices will be cut by relatively sizeable P0.85 to P1.25 per liter; and kerosene by P0.80 to P1.20 per liter.
If reckoned from trading results as referenced on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments had been: P0.955 per liter for gasoline; P1.047 per liter for diesel and P1.044 per liter for kerosene.
The estimated rollback at the pumps next week will offer more substantial relief to the pockets of consumers next week as this already turned heftier into the vicinity of P1.00 per liter as of end of trading day on Friday (May 3), according to the industry players.
Based on the outcome of five-day trading in the regional market, the price of gasoline products will be trimmed by P0.75 to P1.15 per liter; while diesel prices will be cut by relatively sizeable P0.85 to P1.25 per liter.
Additionally, the price of kerosene - which is widely known as a base fuel for the aviation industry and also a key commodity for households and other industries, will have prospective reduction of P0.80 to P1.20 per liter.
If reckoned from trading results as referenced on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments had been: P0.955 per liter for gasoline; P1.047 per liter for diesel and P1.044 per liter for kerosene.
The price adjustments will be reflected at the pumps on Tuesday (May 7); and this is a series wherein all commodity costs would be on downtrend, following wild seesaw of prices in recent weeks.
Market watchers conveyed that the downward spiral in oil prices had been precipitated by perceived de-escalation of the Israel-Iran tension as underpinned by the ongoing ceasefire talks in Cairo, Egypt.
There is general expectation that if a ceasefire deal could be concluded successfully, the lingering armed conflict in Gaza may eventually ease, hence, that will help soften global oil prices. Global experts noted that even the new round of missile attacks launched by the Houthis on a container ship in Yemen, had no longer impacted much on market sentiments this week.
Beyond geopolitics, it was emphasized that Mexico’s decision to reverse an earlier plan of export cuts also provided wider breathing room for supply in markets, hence, that helped pull down international oil prices.
Another major factor which ignited bearish outlook in global oil prices had been higher crude inventories then the renewed uptick of inflation rate in the United States, which raised new round of concerns on oil demand in the world’s biggest oil consumer.
As of Friday (May 3) trading, international benchmark Brent crude had dipped to $83 per barrel level from last week’s $86 per barrel.
The declining oil prices will certainly provide respite to Filipino consumers, especially at this time when they would be shelling out more cash for other component of their energy bills because of the dizzying highs in electricity rates.
