Fuel price adjustments mixed
MANILA, Philippines – Oil prices are being adjusted with mixed results this week ahead of the release of manufacturing data in the world’s top energy consumers, which would indicate near-term commodity demand.
In separate advisories, oil firms said they have decided to adjust gasoline prices up this week while diesel and kerosene prices would be cut.
Major oil firm Shell said that from 12:01 a.m. September 23, gasoline prices would go up by P0.15 per liter while kerosene prices would drop P0.25 per liter and diesel would decrease by P0.20 per liter.
Independent oil player Phoenix Petroleum Philippines said it would increase gasoline prices by P0.15 per liter and cut diesel prices by P0.20 per liter starting 6 a.m. September 23.
Other firms have not made formal announcements but are expected to adjust prices similarly since most of the fuel products in the Philippines are imported and are thus vulnerable to similar supply-demand and foreign exchange forces.
Year-to-date total adjustment for gasoline was at a net decrease of P2.03 per liter while prices for diesel were at a net decrease of P3.60 per liter.
Positive consumer sentiment in the U.S., the world’s No. 2 energy consumer, slightly pumped oil prices earlier this month but the impact was cushioned by reports of crude oversupply.
Purchasing managers index (PMI) reports for China, the world’s top oil consumer, and the U.S., the world No. 2, are due on Tuesday, September 23. Eurozone PMI data is also expected to be out Tuesday.
Last week, local oil firms already slashed prices of fuel products as international oil prices continued to soften. The Department of Energy (DOE) has said that commodity watcher Platts noted of little change in gasoline market, with the US and Europe still driving regional demand.
The DOE said Platts also underscored that gasoil-diesel markets in Asia and the Middle East have been under downward price pressure with ample supply from regional refineries. This situation is expected to continue well into October, according to the DOE report.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.