A slight rollback in diesel prices is expected next week amid renewed hopes for a Ukraine-Russia ceasefire that has eased global supply concerns. Oil industry experts forecast a per-liter cut of P0.10 to P0.30 for diesel and about P0.65 for kerosene.
Oil industry experts predict a potential per-liter price cut of P0.10 to P0.30 for diesel, while gasoline may rise or fall by P0.10. The kerosene estimate does not yet include oil companies' operating costs and other premiums. These projections stem from trading results in the Mean of Platts Singapore (MOPS), a key pricing benchmark for petroleum products, over the past four days.
Final price adjustments will be announced on Monday and take effect the following day. “Oil prices eased as investors shifted focus back to Russia-Ukraine peace talks,” Department of Energy assistant director Rodela Romero said yesterday. She added that Iraq's restored production at Lukoil’s West Qurna 2 oilfield, one of the world's largest, also applied downward pressure on prices.
Although this week's average MOPS prices have eased week-on-week, Jetti Petroleum president Leo Bellas noted that the weakening peso against the dollar diminished the potential rollback at domestic pumps. The local currency fell to a fresh record low of 59.22 to the dollar last Tuesday. “Also, the freight and premium components, while these have tapered down as well, are still elevated,” Bellas said.
Last Tuesday, oil firms raised gasoline prices by P1.20 per liter, with no changes for diesel and kerosene.
