Panayam kay Oil Industry Management Bureau Dir. Rino Abad ng DOE patungkol sa rollback sa petrolyo ngayong linggo
Panayam kay Oil Industry Management Bureau Dir. Rino Abad ng DOE patungkol sa rollback sa petrolyo ngayong linggo
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NewsTranscript
00:00There is a rollback in the price of oil products this week,
00:04we will find out together with Director Rino Abad of the Oil Industry Management Bureau of the Department of Energy.
00:13Director Abad, good afternoon to you.
00:15Good afternoon to your program and to our fellow countrymen.
00:20Yes, Director, it looks like we have good news for our fellow countrymen.
00:25There is a rollback in the price of oil products this week.
00:29Our fellow countrymen are asking,
00:32how big is this rollback and what is the reason why the price of oil is falling?
00:39Well, our three oil products that are in our gas station,
00:48first is gasoline, we expect a rollback of around P1.55 per liter,
00:59diesel is at P1.30 and kerosene is at P1.40 per liter.
01:11So all of our three oil products, we expect a rollback.
01:18Okay. How big is the drop in the price of imported oil in the past trading?
01:27Well, it's going to continue.
01:31Our common pump price, just to be quick, our gasoline has dropped to P60.
01:42If we remember, this gasoline can reach P66, P65 if we remember correctly.
01:50Now, it's at P60.
01:51Diesel is lower at P62 to P53.
01:56And our kerosene, from P72 to P74, is at P68 to P69 per liter.
02:06So those are the differences that our oil products have.
02:10Common pump prices.
02:12That's good news, Director Rino, that it's going down.
02:17So when can we expect this?
02:20What day of the week will the price of oil go down?
02:23Well, the prevailing reports, number one, the demand is too low.
02:30First of all, the proof is that OPEC plus agreed on September 5 that they will not go back on their promise
02:44that they will start releasing 2.2 million barrels of crude oil per day that they removed in the first quarter of this year.
02:55The sign of that is, first of all, there is a weakening in China's reports.
03:05This was followed by the U.S. job growth report.
03:12What we expect is that Libya...
03:18If you remember, we had an increase.
03:24There was an increase for a week.
03:26The reason is that the problem in Libya is very big.
03:31There was an actual loss of 700,000 barrels of crude oil per day.
03:39We expect that there will be an internal problem in their country.
03:48We expect that probably next or the next next week, there will be a return of around 700,000 barrels.
04:01That will make the supply side better.
04:05Well, there is proof here in Asia.
04:13The refining margins reported are very low now.
04:18It means that our refineries, according to the report, have cut around 400,000 to 500,000 barrels per day.
04:29China is leading in this.
04:32For example, Senopic, which is the largest refinery company, China's refining company,
04:40reported that they are reducing refining.
04:44On the most recent two to three months that have passed,
04:52the refining capacity of these refineries in Asia is decreasing.
04:58It means that it is decreasing at the same time as the loss of summertime in the northern hemisphere countries
05:07and the wintertime is entering.
05:10That is why the demand that is expected now is not for liquid petroleum products but for LPG.
05:18Has the DOE seen a sustainable rollback or decrease in the price of oil in the coming weeks?
05:29It looks like the outlook is bearish.
05:37It means that the demand is really low and the supply is healthy.
05:42OPEC Plus was forced not to start returning 2.2 million barrels.
05:50Supposed to be, by October, they will start returning slowly.
05:55Their target is to return 180,000 barrels per day in October.
06:00But it was postponed, it was moved by December 1.
06:06But this time, the Joint Ministerial Meeting has a condition
06:11that they will possibly extend, if the demand is too low,
06:16they will extend the period of re-release.
06:20Maybe not just this year, maybe by 2025.
06:24That is how low the demand is and that is how healthy the supply of petroleum products is now.
06:31Thank you very much, Director Rino Abad, for explaining to us why the price of petroleum is going down.
06:39Dr. Rino Abad is the Director of the Oil Industry Management Bureau of the Department of Energy.