Motorists driving diesel-powered vehicles will get a slight reprieve this week, as diesel prices are set to ease off by as much as Php 3.00 per liter on Tuesday, May 17.
The projections are based on estimates by MOPS
This was announced by PH Fuel Watch on its Facebook page Saturday. Kerosene prices are also expected to roll back between Php 2.00 and Php 2.20 per liter.
Meanwhile, gasoline prices will have more modest price reductions ranging between Php 0.40 and Php 0.60 per liter. According to PH Fuel Watch, the exact prices will depend on the particular gas station and location.
The latest oil price movements are based on the Mean of Platts Singapore (MOPS), which is the reference used to determine pricing on refined petroleum products in the Asian region. This is the fifth oil price rollback for 2022, and the 20th price adjustment overall since the year started.
Public utility drivers and motorists driving diesel vehicles can breathe a little easier for now
Oil firms say the estimated price movements do not yet take into consideration the recent fluctuations in the peso-U.S. dollar exchange rate, as well as the cost of biofuels blended into petroleum products sold at the pumps.
Data from the Department of Energy (DoE) showed that diesel prices for 2022 so far had a net increase of Php 34.50 per liter, followed by kerosene prices at Php 29.75 per liter, and Php 22 per liter for gasoline.
Prices for international benchmark Brent crude rebounded to $111 per barrel as of trading on Friday, May 13, following its dive to $103 per barrel earlier in the week. Asian markets base their pricing on Dubai crude, which was reported at $104 per barrel.
There have been shortfalls in the production targets set by OPEC
Global experts cite market fears of an impending ban by the European Union (EU) on exports of Russian oil as the reason for the increase in crude oil prices. There have also been shortfalls in the production targets set by the Organization of the Petroleum Exporting Countries (OPEC), particularly for member-countries Angola and Nigeria.
Keep an eye on local fuel price movements with Philkotse.com.