Diesel seen to drop 10-30 centavos; gasoline mixed
Pump prices are expected to move marginally in the week of Dec. 14, with diesel likely posting a small rollback and gasoline showing a narrow range of possible adjustments, according to Jetti Petroleum president Leo Bellas.
In a statement on Friday, Bellas said diesel prices may decrease by P0.10 to P0.30 per liter, based on the first four-day average of the Mean of Platts Singapore (MOPS) and foreign exchange movement versus last week’s full average.
Gasoline prices, meanwhile, could range from a P0.10 rollback to a P0.10 increase.
He noted that while this week’s average MOPS prices have eased compared with the previous week, the 36-centavo depreciation of the Philippine peso against the US dollar reduced the potential rollback on domestic prices next week.
“Also, the freight and premium components, while these have tapered down as well, are still elevated,” he added.
According to Bellas, global product markets mirrored the softening in crude oil prices as prospects for a Russia-Ukraine peace deal eased supply concerns.
Asian benchmarks have also weakened amid expectations of heavier product outflows from China and the return of several refineries from maintenance.
Oil companies are expected to announce final price adjustments early next week.
