Diesel prices to re­main un­changed

Tempo - - Front Page - By MYRNA M. VE­LASCO

With the up­swing in in­ter­na­tional prices, the good tid­ings on roll­backs ceased this week, as the price of gaso­line is an­tic­i­pated to go up by ₱0.40 to ₱0.50 per liter next week, based on the as­sess­ment of the in­dus­try play­ers.

For diesel, the as­sump­tion is that it will not likely move or if there is a roll­back, it will be at a very mar­ginal ₱0.05 per liter or it could also be an in­crease of ₱0.10 per liter.

Kerosene, which is an­other prod­uct used by many Filipino house­holds, will have a price roll­back rang­ing from ₱0.25 to ₱0.35 per liter, oil firms have hinted. Movements at the pumps are an­tic­i­pated Tues­day.

The oil com­pa­nies said what they have as ref­er­ence data at hand was the swing in Mean of Platts of Sin­ga­pore as of the four trading days last week.

As of week­end, they noted that they are re-eval­u­at­ing what could have been the im­pact on prices of the out­come of trading in the re­gional mar­ket last Fri­day.

Do­mes­tic con­sumers were able to enjoy two months of fi­nan­cial re­lief when it comes to their fuel ex­penses – given the hefty prices cuts that the oil com­pa­nies had im­ple­mented in eight straight weeks.

Pump prices in the coun­try are an­chored on movements of prices in the world mar­ket – one bench­mark is the MOPS pri­mar­ily for fin­ished prod­uct im­porters, while re­fin­ers Petron Corp. and Pilip­inas Shell Petroleum Corp. are also tak­ing a look at the price twirl of crude com­modi­ties.

Price spikes reigned in the world mar­ket last Fri­day fol­low­ing the ce­mented deal be­tween the Or­ga­ni­za­tion of the Petroleum Ex­port­ing Coun­tries and its ally pro­duc­ers for an out­put cut­back of 1.2 mil­lion bar­rels per day.

OPEC pro­duc­ers had given thumbs up to 800,000 bar­rels per day pro­duc­tion trim while Rus­sia-led pro­duc­ers in the al­liance committed to re­duce out­put by 400,000 bar­rels per day.

This is a new round of “mar­ket re­bal­anc­ing” sim­i­lar to what the Vienna al­liance of OPEC and Rus­sia had done dur­ing the price crash to­wards the end of 2014.

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