OIL COMPANIES TO IMPLEMENT OVER P1 PRICE ROLLBACK PER LITER IN FUEL PRODUCTS NEXT WEEK

MANILA — Motorists are expected to see a significant rollback in pump prices for various fuel products, with projections indicating a decrease of over P1 per liter in the upcoming week.

Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, attributed this potential reduction to the Mean of Platts Singapore (MOPS) trading over the past four days.

Based on oil industry estimates, the following price adjustments are anticipated:

Gasoline: a decrease of P1.60 to P1.80 per liter
Diesel: a reduction of P1.70 to P1.95 per liter
Kerosene: a decline of P1.35 to P1.45 per liter

Speaking on GMA News’ Balitanghali, DOE-Oil Industry Management Bureau Director Rino Abad emphasized that these estimates are subject to change, pending the results of Friday’s MOPS trading.

The Mean of Platts Singapore (MOPS) serves as the pricing basis for refined petroleum products in Southeast Asia.

It represents the daily average of all trading transactions between buyers and sellers of petroleum products, as assessed and summarized by Standard and Poor’s Platts.

Abad explained that the expected price cuts per liter could be attributed to Platts’ anticipation of a crude oil oversupply of 100,000 barrels per day by the year-end, with the possibility of further increases in the first quarter of the following year.

However, he noted that international petroleum prices may be influenced by the Organization of Petroleum Exporting Countries Plus (OPEC+) plan to cut production by 900,000 barrels per day.

Fuel firms typically announce price adjustments every Monday, with implementation on the following day.

Last Tuesday, December 5, saw oil companies implementing a per-liter price hike for gasoline and kerosene by P0.30 and P0.20, respectively.

Meanwhile, the price of diesel was rolled back by P0.30 per liter.

The recent adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel, and P1.94 per liter for kerosene.

As of December 5 to 11, 2023, Energy Department data indicates prevailing retail prices in Metro Manila, ranging from P55.30 to P75.65 per liter for gasoline, P52.70 to P66.05 per liter for diesel, and P71.40 to P84.40 per liter for kerosene.

(Jr Amigo/ai/mnm)