Pump prices of petroleum products are expected to go down next week amid concerns about global oversupply and a weaker oil demand forecast.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) has indicated a potential per-liter price cut of around P0.30 for gasoline, P1.10 for diesel and P0.65 for kerosene.
The estimates were based on the four-day trading in the Mean of Platts Singapore, a pricing benchmark used for refined petroleum products.
Jetti Petroleum, meanwhile, anticipates gasoline prices to either remain unchanged or rise by P0.20 per liter.
According to DOE-OIMB assistant director Rodela Romero, crude oil prices ‘continue to look weak due to oversupply coming out of OPEC, Russia and the United States.’
Similarly, the International Energy Agency trimmed its global oil demand projections following worries over a market surplus.
‘Oil traders see prices falling as the geopolitical risk premium dissipates,’ Romero said.