DOE: Malaking taas-presyo ng petrolyo, epekto ng production cut ng Saudi Arabia | UB
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Transcript
00:00 The price of diesel is four pesos per liter. It's the highest price this year.
00:05 Next week, the price of diesel and kerosene will be high.
00:08 The fourth is for gasoline.
00:11 We will talk to Antonio Rino Abad, the director of the Oil Industry Management Bureau of the Department of Energy.
00:17 Good morning, Director.
00:18 Sir Arnold, good morning. Good morning to all of you.
00:24 Is there no longer a syndrome of drivers and motorists? Until when will we experience an oil price hike?
00:32 Does this mean that the trend will really rise in the coming weeks?
00:36 Sir Arnold, I can't say for sure.
00:42 On the first trading day yesterday, it was announced that diesel and kerosene prices are going down.
00:53 But for gasoline, it's still a bit high.
00:57 So we need to monitor this week if it's really going down.
01:02 But please note that our situation, the reason for the increase in prices,
01:10 is because of the decrease in Saudi and now Russia, which is effective this month.
01:20 Last month, Saudi continued to increase and Russia increased this month.
01:28 So there's a threat that there will be tightness of supply.
01:34 But at the same time, we are also looking at the daily trading price because we know historically that even in this situation,
01:46 the price is not consistent. It's volatile. There are many angles that buyers are going back.
01:54 They are limiting or negotiating even if the price is too high.
02:01 What is the reason why Saudi production cut and then Russia?
02:06 Well, the report is coming out in May, April, May and June. That's why we have a lot of rollbacks, sir Arnold, because there's an oversupply.
02:22 In fact, in June, if you look at the McKinsey report, there's an oversupply of one million.
02:27 That's why in July, OPEC knows that and that's why they're cutting the one million.
02:37 The bad thing is that in August, Russia added another commitment of 300,000 to 500,000 barrels reduction.
02:44 That's what aggravated the situation that we should have oversupply.
02:49 Coming to the bear month, this is what's increasing the demand.
02:54 Second, this is their response to the another round of interest hike of the U.S.-European Union in July 26-27,
03:08 and the United Kingdom was the first. This is also an answer to that.
03:13 These are the actions that are being done between demand side and supply side.
03:18 Okay. There are calls for additional passenger. Is this our price level now? Is this the highest compared to the previous years?
03:27 Well, when you say last year, in June, the effect of the Russia-Ukraine crisis, we were reaching the gasoline price, 90 pesos a diesel, almost the same, 90 pesos.
03:48 So our level, sir Arnold, our gasoline is at 69 to 72. Our diesel is 64 to 67. Our kerosene is at 75, probably around 278.
04:03 We're still far from that, sir Arnold, but this is already high.
04:07 Actually, in June, the diesel price dropped to 54 to 55. It's already going down.
04:16 Those are the levels, sir Arnold. The U.S. dollar is at 70 territory. We're going back to the prior to Ukraine crisis.
04:26 But now, our Dubai has increased. We're reaching 87 U.S. dollars per barrel.
04:32 We will explain it to you. Thank you very much, Atty. Rino Abad, director of the Oil Industry Management Bureau of the Department of Energy. Be careful.
04:40 Good morning again, sir Arnold.
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