Bigtime rollback likely next week as dip in fuel prices sustained—stakeholder

MANILA — A bigtime rollback in gasoline is possible next week as the dip in fuel prices continue on the third day of trading in the world market.

Based on the 3-day Mean of Platts Singapore trading:

• Diesel — P3.50/L  decrease 

• Gasoline — P10.20/L decrease 

• Kerosene — P3.60/L  decrease

The price easing continues as the market reflected the positive outlook for a peace deal in the Middle East despite US attacks on an Iran target earlier this week.

The Department of Energy had earlier cautioned motorists from expecting a rollback this early as there are 2 more trading days left in the world market.

Some analysts said the big win of Democratic candidates in the US midterm elections will further ease oil prices. Finished fuel prices as well as crude prices dropped sharply following the Democratic sweep of both chambers of the US congress.

Jetti Petroleum president Leo Bellas sees a sustained easing of prices until Friday’s trade especially for gasoline.

According to Bellas, even the cargo and risk premium costs are likely to be lower too, paving the way for a double digit price slash for gasoline on Tuesday next week.