Oil price cuts may extend next week
Local domestic pump prices may continue to decline in the week of Nov. 17 amid hopes of diplomatic talks, but concerns about further supply disruptions remain.
Based on estimates from Jetti Petroleum president Leo Bellas, diesel could decrease by P4 to P5 per liter.
Gasoline may likewise have a price drop ranging from P3 to P4 per liter.
The forecast is based on the first four days of trading at the Mean of Platts Singapore and foreign exchange movements.
Once implemented, this would mark the second straight week of rollback for gasoline and the third consecutive week for diesel.
“Diplomatic headlines continue to push oil prices lower this week despite lingering supply risks,” Bellas said.
“However, growing supply disruption worries as attacks on Saudi energy infrastructure and shipping through the Strait of Hormuz have escalated, causing prices to rebound recently.”
Oil firms will announce their price adjustments on Monday.
The Department of Energy said the bulk, or 98 percent, of the country’s crude oil imports comes from the Middle East.
About 97 percent of imports of liquid petroleum products—such as diesel, gasoline and kerosene—are from Asian countries.
