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Oil price slash likely; buyers may get relief

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Consumers can expect a reprieve from the successive oil price hikes this month with the expected oil price rollback of about P0.20 per liter this week.

“Expect fuel prices to go down next week [January 26 to February 1]. Diesel should go down by P0.10 to P0.15 per liter. Gasoline should go down by P0.15 to P0.20 per liter,” Unioil Philippines said in its weekly price forecast.

The country’s oil firms adjust pump prices weekly and consumers experienced three consecutive weekly oil price increases for the month of January.

On January 19, the oil firms raised the price of diesel by P1.05 per liter, gasoline by P1 per liter and kerosene by P0.95 per liter.

The oil companies also raised the price of gasoline by P0.85 per liter, diesel by P0.30 per liter and kerosene by P0.25 per liter on January 12.

On January 5, the oil firms also raised the price of gasoline by P0.45 per liter, diesel by P0.30 per liter and kerosene by P0.40 per liter.

Oil prices declined last week as the market reacted to a possible slowdown in the world economic recovery due to fresh lockdowns in Europe.

The US Energy Information Administration reported on Friday that oil consumption will grow in 2021 because of both economic growth and a return to more normal travel patterns by the middle of the year.

However, the EIA still expects global oil consumption to average 97.8 million barrels per day, three percent less than the 2019 level.

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