By Myrna Velasco
Consumers will gain slight relief in their fuel budgets next week with the anticipated rollback in pump prices of P0.10 to P0.25 per liter for gasoline, and P0.10 to P0.20 per liter for diesel products.
Based on the estimates of oil firms, the price of kerosene products will also be down by P0.25 to P0.35 per liter in the coming week.
That had been based on the outcome of four-day trading in the world market; and price swings may still change depending on the outcome of Friday (July 19) trading.
Philippine pump prices move on a weekly basis and these are hinged on the cost movements of benchmark Dubai crude (primarily for refiners) and the Mean of Platts Singapore (MOPS), being the index reference of the importers of finished products.
The legal entanglement on the Department of Energy-enforced fuel cost unbundling policy lingers as a skirmish between the government and the industry players; and until clear resolution of the filed cases are achieved, the consumers will continue as the vulnerable spectators in this tug-of-war.