1 month ago
15
Motorists may get a slight reprieve next week as oil prices are expected to continue their downward trend.
Based on four days of trading on the Means of Platts Singapore (MOPS) and international oil markets, analysts predict gasoline prices may remain stable or decrease by ₱0.05 to ₱0.30 per liter.
Diesel prices could fall by ₱0.20 to ₱0.50 per liter, while kerosene may see a further reduction of ₱0.10 to ₱0.25.
This week, gasoline prices in the NCR ranged from ₱60.95 to ₱72.43, diesel from ₱58.95 to ₱72.10, and kerosene stood at ₱74.77.
Despite concerns about potential US tariffs on Canada, Mexico, and China, analysts believe oil prices may dip slightly due to the postponement of those steep tariffs.
Jetti Petroleum also noted that US demand has softened due to increased oil and gas storage.
Oil prices declined due to worries about lower US oil demand, driven by higher-than-expected oil and gas inventories. Concerns that the trade war between China and the US could negatively impact the global economy and reduce oil demand also contributed to the price drop.
However, the price reductions may be smaller than anticipated. The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) noted that the world’s leading oil exporter plans to raise prices in Asia due to rising demand.
“Saudi Aramco, the world’s leading oil exporter, announced last Wednesday that they will increase prices for Asian buyers for March delivery amid rising demand from China and India as US sanctions disrupt Russian supply,” said Rodela Romero, OIMB director.
In addition, OPEC output fell in January due to lower production from Iran and Nigeria.
