- CHERYL G. CRUZ
Motorists can expect more than a peso per liter decrease in the prices of petroleum products effective May 2, after oil companies announced a second consecutive week of rollback.
Diesel could go down by P1.20 to P1.40 per liter, gasoline by P1.40 to P1.50 per liter, and kerosene by P1 to P1.20 per liter.
The exact price adjustments will be known today, May 1, as oil companies usually implement movements every Tuesday, to reflect changes in the international market.
This will be the second consecutive week of price rollback after oil companies also implemented a per liter decrease of P0.70 for diesel, P1.40 for gasoline, and P0.20 for Kerosene effective April 25.
“The week-on-week price of Dubai crude has decreased by around $2.20/bbl. MOPS prices of gasoline, diesel and kerosene have also decreased per barrel by about $6.30, $4.00 and $2.50, respectively, during the reference week,” the Department of Energy Oil Monitor showed.
It added that oil prices fell due to concerns of another rate hike by the US Fed and prospects of weaker global economic growth. “Weakening Asian refining margins prompted some refiners to consider cutting throughput. Asian gasoil crack weakened, weighed down by speculations around a second batch of clean oil product export quotas from China, and demand concerns amid macroeconomic uncertainties…”
The recent rollback resulted in a net decrease for diesel at P3.05/liter and kerosene at P3.55/liter, the DOE said, adding that gasoline, on the other hand, has a net increase of P7.55/liter since the start 2023.
Meanwhile, the DOE is inviting LPG industry participants to the LPG Regional Summit 2023 Cebu Leg on May 11.
To be held at Seaside Cebu, South Road Properties in Cebu City, the DOE will accommodate only one representative from each dealer and retailer due to seats limitation, its advisory said, and urged those interested to register via https://bit.ly/3L7I6rO
The DOE said that only registered participants will be accepted./CGC
