Latest news with #MeanofPlattsSingapore
GMA Network
04-07-2025
- Automotive
- GMA Network
Another round of fuel price rollback expected next week
Motorists could look forward to another reprieve in the coming week as fuel retailers are expected to roll back pump prices anew. In its price indication for next week, based on Mean of Platts Singapore (MOPS) trading in the past four days, Jetti Petroleum said the following are the estimated downward movements in petroleum products: Diesel - down by P0.20 to P0.40 per liter Gasoline - down by P0.80 to P1.00 per liter 'Prices fell this week as the risk premium built into crude oil and refined fuel products gradually unwinds due to easing of tensions in the Middle East,' Jetti said. 'The prospect of additional supply from another OPEC+ output increase, and worries about the impact on the economy and fuel demand driven by US tariff uncertainty have also weighed on prices,' the fuel company said. Oil companies announce official price adjustments every Monday, which will be implemented on the following day. This week fuel retailers slashed the per liter prices of gasoline by P1.40, diesel by P1.80, and kerosene by P2.20. Firms last week hiked prices per liter of gasoline by a cumulative P3.50, diesel by P5.20, and kerosene by P4.80. 'Price gains from concerns that the lingering dispute over Iran's nuclear program could again evolve into armed conflict were pared by demand worries in the US, following the unexpected build in crude oil and gasoline inventories,' Jetti said. —VAL, GMA Integrated News
GMA Network
25-06-2025
- Business
- GMA Network
Fuel price rollback 'possible' next week
Motorists could expect a sigh of relief next week after a series of a two-tranche big-time hike in petroleum prices implemented by fuel retailers for this week. 'For two days, based on MOPS (Mean of Platts Singapore)… may chance mag roll back (there's a chance of a rollback),' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online. Romero, however, said that it is still 'too early' to be certain that a fuel price reduction could be expected in the coming week. In its projection, based on MOPS trading in the first two days of the week, Jetti Petroleum said the price movement indication for next week are as follows: Diesel — Rollback of P0.80 to P1.10 per liter Gasoline — Hike of P0.10 per liter to a rollback of P0.20 per liter 'Above are still subject to change, depending on the MOPS of the remaining days of the week,' Jetti said. MOPS is the basis for pricing of refined petroleum products in Southeast Asia. The local oil industry uses MOPS —the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor's Platts. The petroleum retailer attributed the expected pump price reduction next week 'with the easing of war risk premium on crude oil following the de-escalation of the conflict…[as] world oil prices further went down after the ceasefire agreement between Israel and Iran, reducing the risk of supply disruption in the Middle East.' DOE officer-in-charge Sharon Garin earlier said the as of Tuesday morning, June 24, the average price of crude oil stood at about $69 per barrel after US President Donald Trump announced that a ceasefire between Israel and Iran was already in place. For this week, fuel retailers have agreed to implement the big-time hike in petroleum prices in two tranches. Major petroleum firms hiked the prices per liter of gasoline by P1.75, diesel by P2.60, and kerosene by P2.40, effective 6 a.m. on Tuesday, June 24, 2025. The same price hikes will be implemented at 6 a.m. on Thursday, June 26, reflecting the second tranche of adjustments. — RSJ, GMA Integrated News
GMA Network
19-06-2025
- Automotive
- GMA Network
Big-time fuel hike expected next week: P3 gasoline, P4.80 diesel
Motorists should brace for a big-time hike in pump prices next amid the Israel-Iran conflict, which is expected to have a major impact on the oil industry. The estimated ranges in upward price adjustments are as follows: Gasoline - increase of 2.50 to 3.00 Diesel - increase of 4.30 to 4.80 Kero - increase of 4.25 to 4.40 The estimates are from the Department Energy of Energy-Oil Industry Management Bureau, Assistant Director Rodela Romero, which is based on the 4-day trading in MOPS (Mean of Platts Singapore). Rodero said that the biggest factor for the possible increase is a "major oil price shock looming as the Israel-Iran conflict threatens critical global shipping passage." President Ferdinand ''Bongbong'' Marcos Jr. earlier this week said that fuel subsidies would be given amid the expected oil price hike. 'We are starting already with the assumption that the oil prices will in fact go up and I cannot see how it will not. Because the Strait of Hormuz will then be blocked if it escalates. The oil cannot come out of its sources. So the prices will certainly be affected,'' Marcos said. ''So the subsidies that we have always given, fuel subsidies, that we gave to, if you remember during the pandemic, lalong-lalong na 'yung mga napapasada, 'yung mga may hanap-buhay naman sila, binigyan nating fuel subsidies (We gave fuel subsidies to drivers during the pandemic)," he added. Fuel firms announce official price movements every Monday, to be implemented on the following day. —VAL, GMA Integrated News
GMA Network
13-06-2025
- Business
- GMA Network
Over P1 per liter fuel price hike seen next week
Motorists should brace for an over P1 per liter increase in pump prices to be implemented in the coming week. 'Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be experiencing an increase in the prices of petroleum products by next week, June 17, 2025,' Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said. The estimated ranges in upward price adjustments are as follows: Gasoline - P0.90 to P1.40 per liter Diesel - P1.00 to P1.40 per liter Kerosene - P1.00 to P1.20 per liter The Energy official cited the following 'relevant news' in the oil market as factors affecting prices: Crude prices extend gains on positive US - China trade signals US - Iran nuclear negotiations remain stalled Oil demand growth to continue until the next 2 1/2 decades, says OPEC Secretary General Fuel firms announce official price movements every Monday, to be implemented on the following day. On Tuesday, petroleum retailers hiked the prices per liter of gasoline by P0.60, diesel by P0.95, and kerosene by P0.30.—AOL, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Mixed movement in fuel prices seen in last week of May
Motorists should expect mixed movements in pump prices to be implemented by fuel retailers in the last week of May. 'Based on the four-day trading in MOPS (Mean of Platts Singapore) and results of relevant news in the international oil market, we will be expecting a mixed movement in the prices of petroleum products by next week,' said Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero. The estimated adjustments are as follows: Gasoline - rollback of P0.15 per liter to increase of P0.30 per liter Diesel - no adjustment to rollback of P0.40 per liter Kerosene - rollback of P0.20 to P0.40 per liter The Energy official cited following international oil market news which contributed to the estimated mixed price adjustments, namely: For rollback Reports of progress toward US-Iran nuclear deal; Cooling global US-China trade tensions; Additional crude oil storage capacity from Iran's Export Terminal; For increase OPEC remains optimistic about global oil demand growth despite economic risks Fuel firms announce price adjustments every Monday, to be effective on the following day. On Tuesday, oil firms announced a big-time hike in pump prices, increasing the prices per liter of diesel by P1.70 and prices of gasoline and kerosene by P1.20 per liter. —AOL, GMA Integrated News
