Fuel prices may decline by P0.30/liter next week
Fuel prices may decline by as much as P0.30 per liter next week based on price movements in Asia and developments in the foreign exchange market, according to industry sources.
Jetti Energy president Leo Bellas said diesel prices may drop by P0.10 to P0.30 per liter, while gasoline prices could remain unchanged or fall by up to P0.20 per liter.
He explained that prices of both products, based on the Asian benchmark, the Mean of Platts Singapore (MOPS), “have declined this week due to rising availability of refined products and crude oil oversupply concerns, despite geopolitical risks following recent events in Venezuela, increasing tensions between Russia and Ukraine and heightened worries of a military escalation between US, Israel and Iran.”
Global developments
“However, further worsening of geopolitical and policy developments can swiftly overturn the bearish market sentiment and push prices to the upside, potentially reducing or wiping out the potential rollback on domestic prices next week,” he said.
This week, gasoline prices fell by P0.10 per liter, while diesel and kerosene prices rose by P0.20 and P0.10 per liter, respectively.
Oil prices are projected to ease in the first quarter of this year, given the oversupply forecast, but risks were also noted due to the geopolitical developments in several countries.
