BY MYRNA M. VELASCO
AT A GLANCE
Reflecting these lower prices at the pumps will come as a bit of good news to Filipino consumers – especially in this stretch of the holiday season when most are on their shopping rush, or on constant drive and commute to catch-up meetings, parties and other gatherings.
Santa’s slick surprise will also manifest at the oil pumps this week as the price of diesel products will be on rollback by a significant P1.85 per liter; while gasoline prices will be trimmed by P1.60 per liter, based on the price adjustment announcements of the oil companies.
The industry players similarly advised that the price of kerosene, which is an essential base for aviation fuel and an important commodity for many households, will be reduced by P1.40 per liter.
As of this writing, the oil firms that already sent notices on their price cuts effective Tuesday (December 12) had been Shell Pilipinas Corporation, Chevron, Seaoil, Cleanfuel, PTT Philippines, PetroGazz and Jetti Petroleum; while their rival firms are anticipated to match this week’s newly enforced pricing trends.
The oil firms implemented the downswing in prices based on cost movements anchored on the Mean of Platts Singapore (MOPS) index; as well as other factors affecting prices – such as foreign exchange rate, market premium, biofuel costs as well as the sweep of competitive pressure on prices at the domestic downstream oil industry.
Reflecting these lower prices at the pumps will come as a bit of good news to Filipino consumers – especially in this stretch of the holiday season when most are on their shopping rush, or on constant drive and commute to catch-up meetings, parties and other gatherings.
The recent incessant impact of high oil prices on the country’s inflation rate will also be eased; and this will similarly keep consumers away from the typical spiraling effect of surging fuel prices on the cost of basic commodities and services.
In the world market, industry experts noted that persisting concerns of lower-than-expected economic growths in major economies had been precipitating overall downtrend in oil prices.
In fact, even the recent pronouncement of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) on voluntary production cutback had not been given weight at market sentiments when it comes to the recent swing of international prices.
According to industry watchers, the era of lower prices may continue in the remaining days of the year if there are no major geopolitical events that could send markets into fresh round of jitters.
As of Monday (December 11) trading, international benchmark Brent crude just edged up slightly to $76 per barrel from last week’s more than $75 per barrel price level.
