ANOTHER sigh of relief may greet motorists this week as the pump prices of diesel and kerosene are seen to roll back by over P1 per liter.
Citing the four-day monitoring on Mean of Platts Singapore (MOPS) trading, Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero said the estimated price reductions for next week are as follows:
* Diesel – P1.20 to P1.40 per liter
* Kerosene – P1.10 to P1.20 per liter.
However, gasoline may have a price hike per liter of P0.49 to P0.60.
MOPS is the basis for pricing of refined petroleum products in Southeast Asia.
The local oil industry uses MOPS, the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.
“Oil markets have eased as Saudi Arabia is truly ‘balancing’ by preparing to ship full volumes required by its North Asian customers, notwithstanding its output cuts,” Romero said.
The DOE official said the easing of sanction to Venezuela also allowed “more of its crude into the market.”
Oil companies usually announce price adjustments every Monday to be implemented on the following day.
On Oct. 10, fuel firms implemented a decrease of P3.05 per liter for gasoline, P2.45 per liter for diesel, and P3.00 per liter for kerosene.
The latest price adjustments resulted in a year-to-date net increase of P12.25 per liter for gasoline, P11.35 per liter diesel, and P5.94 per liter for kerosene.
In Metro Manila, gasoline prices range from P57.70 to P78.50 per liter, diesel range between P58.85 to P71.70 per liter, while kerosene range from P76.75 to P89.09 per liter. (GMA Integrated News)
