CONSUMERS can another oil price hike of as much as P1.30 per liter for gasoline next week to “reflect the movement of prices in the world oil market.”
Jetti Petroleum forecasts diesel to also increase by P0.10 to P0.30 per liter based on the four-day trading in the Mean of Platts Singapore (MOPS) and foreign exchange average versus last week’s full week average.
Leo Bellas, Jetti Petroleum president said geopolitical risks and tensions have kept the level of premium and freight elevated, causing the price of diesel to remain elevated despite a drop on the week-on-week MOPS diesel price averages.
“The middle distillate market softened as prospects for a Russia-Ukraine peace deal eased supply concerns, and expectations of rising supplies from possible higher exports from China also weighed on the supply situation,” he said.
He said Asian gasoline prices, on the other hand, remain supported on tight supply and robust regional demand.
“Gasoline exports from regional refiners have remained low, dragged down by lower volumes out of China and South Korea.” Bellas said.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau said kerosene may have a rollback of about P0.25 per liter,
Romero said geopolitical concerns such as the Ukraine attack on Russian’s oil infrastructure and the rising tensions between US and Venezuela and global crude oil supply surplus affected the movement of world prices this week.
“Final adjustments will be determined after Friday’s MOPS trading,” she said.
On Dec. 2, the oil firms rolled back pump prices by P3.20 per liter for kerosene and P2.90 per liter for diesel but increased the price of gasoline by P0.20 per liter.
