INQUIRER FILE PHOTO
MANILA, Philippines — Oil prices are sliding this week on weaker trading and an overall expectation of market gloom amid ample US crude supply in coming weeks.
Petron and Shell announced a rollback of P0.15 (or 15 centavos) per liter of gasoline, P0.30 (30 centavos) per liter of kerosene, and P0.35 (35 centavos) per liter of diesel starting April 8 at 12:01 a.m. PTT Philippines is also rolling back diesel by 35 centavos per liter and gasoline by 15 centavos per liter at the same time.
The adjustments reflected movements in the international oil market, the oil firms said.
The official announcements confirmed earlier buzz on a price rollback in the order of 20 centavos to 35 centavos per liter of diesel and 15 centavos to 30 centavos per liter of gasoline.
Other companies had not made official announcements as of press time but were expected to follow suit since they are all importers and tend to be subjected to similar trading conditions.
Sources said prices softened around midweek during the last trading week as news of a boom in US crude supply dampened market prospects.
Prices rebounded slightly on Friday night due to improved jobs data from the US — stoking demand expectations — and lower export production from Libya.
Yet the resulting increase in benchmark MOPS (Mean of Platts Singapore) prices seemed “temporary,” sources said. Price surges might not necessarily take place next week, they said.
Some analysts have said oil prices seem headed for further decline, mostly because growing US oil supplies keep price speculation in check amid tensions surrounding Ukraine and Libyan oil exports.
Yet to date, gasoline prices have declined by 60 centavos per liter and diesel by 95 centavos per liter.
Last week, oil prices grew by P0.10 per liter for gasoline and P0.50 per liter for diesel and kerosene. Even so, some analysts said there might be more downward trends in the near future.
Originally posted at 5:52pm | Monday, April 7, 2014
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