The slight decline in regional spot prices last week, primarily for diesel, may warrant fresh round of cost rollback at the domestic oil pumps in the coming days.

In market updates culled from the industry, it was indicated that “Asian diesel prices slightly decreased as sentiment remained soft due to burgeoning physical supplies.”

In the case of international prices for gasoline, there was also a marked price reduction, while crude prices were relatively flat. With the Philippine oil market generally depending on oil imports, pump prices are effectively dictated by cost movements in global trading of the commodity.

The resumption of flights in Europe after air travel halted due to the ash cloud mess triggered by a volcanic eruption in Iceland, the price trends ahead are seen trailing new up-ticks in the coming days.

As far as diesel supply is concerned, it was noted that the price sags in the past trading days were due to higher refinery inputs and exports from Northeast Asia that practically shored up supply in the market.