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Gasoline prices cut by P0.20/liter; diesel up by P0.20/liter

Motorists will be greeted by varied adjustments in pump prices this week – with the cost of gasoline getting trimmed by P0.20 per liter; while diesel will go up by P0.20 per liter.

(MARK BALMORES / MANILA BULLETIN FILE PHOTO)
(MARK BALMORES / MANILA BULLETIN FILE PHOTO)

The price hike will be heftier this week at P0.40 per liter for kerosene products, which is considerably a highly essential commodity especially for households in many typhoon-hit areas that still don’t have their electricity service back.

As of this writing, the industry players that already advised on their price adjustments had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel and PetroGazz effective Tuesday (November 10); while competitor-firms are anticipated to follow this week’s price adjustment trends.

For the areas ravaged by typhoons in recent days which subsequently declared state of calamity, the Department of Energy (DOE) indicated that prices of kerosene as well as liquefied petroleum gas (LPG) must be ‘on freeze’ within 15-day period.

As an import-dependent oil market, the Philippines will have to wade through vulnerable price swings globally; as most countries are still wobbled by the coronavirus pandemic – especially in Europe where rising cases of second wave infections have been pervading.

On the projection of industry analysts and experts, international oil prices may still move back and forth in the range of US$38 to US$43 per barrel through next year, depending on geopolitical factors that may then affect market fundamentals.

Next year’s price forecast will still be lower compared to the higher base of US$50 to US$60 per barrel prevailing before the incursion of the coronavirus pandemic early part of this year.

For the Philippine downstream oil sector, it is seen that demand recovery may spill over into next year; and it could even take longer for aviation fuel because of what remains as stalled activity and developments in the tourism sector.


Source: Manila Bulletin (https://mb.com.ph/2020/11/09/gasoline-prices-cut-by-p0-20-liter-diesel-up-by-p0-20-liter/?utm_source=rss&utm_medium=rss&utm_campaign=gasoline-prices-cut-by-p0-20-liter-diesel-up-by-p0-20-liter)

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