Panayam kay Oil Industry Management Bureau Dir. Rino Abad ng DOE patungkol sa rollback sa petrolyo ngayong linggo

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Transcript

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.

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