By MYRNA M. VELASCO with a report from Genalyn D. Kabiling
After unwarranted panic chiefly emanating from Malacañang, domestic pump prices will likely be back on “rollback mode” next week following significant downtrend in global oil prices in this week’s trading.
However, the price of Liquefied Petroleum Gas in the domestic market will go up by P3 to P4 per kilogram – or P33 to P44 per 11-kilogram cylinder. This was hinted by industry players in keeping with anticipated cost adjustment announcements today and will be mainly attributed to higher international contract prices.
For oil commodities, in the past trading days this week, the benchmark Dubai crude for the Asian market had been at relatively leaner level of $72 to $73 per barrel compared to the previous two weeks’ price swings of $75 to $76 per barrel.
For Brent crude, it was at $77.48 per barrel yesterday, still manifesting comparatively sizeable decline compared to the past days when it was almost breaching the edgy $80 per barrel level.
The Department of Energy has yet to calculate how much is the anticipated rollback as they are still waiting for the outcome of today’s trading.
The softening of prices internationally had been propelled after the powerful tandem of Russia and the Organization of the Petroleum Exporting Countries had taken a stride to ease restless spikes in global prices – especially in the past two weeks.
Meanwhile, the administration is pursuing the importation of 200 metric tons of cheaper oil from Russia, Thailand, and other alternative suppliers to ensure the country’s energy security in less than six months.
Fuentebella said the planned oil importation, which would be conducted through government-to-government negotiation, aims to establish a petroleum reserve and foster competition in the oil industry.
The Philippine National Oil Co.-Exploration Corp. has been directed to prepare for oil trading to cushion the impact of the soaring oil prices in the world market.
“Energy Secretary Alfonso Cusi has directed the PNOC-Exploration Corp. to have a third level of reserve called stockpiling. This involves discussions with oil producing countries like Russia to have additional supply,” Fuentebella said during a Palace press briefing.
