The pinch on consumers’ pockets will persist this week as the price of diesel products will rise by P0.40 per liter; while gasoline prices will go up slightly by P0.20 per liter, based on the pricing adjustment advisories of the oil companies.

The industry players similarly notified that the price of kerosene, which is an essential base product for aviation and also commonly used for households, will increase by P0.20 per liter.

As of this writing, the oil companies that already announced their price hikes effective Tuesday (September 12) had been Shell Pilipinas Corporation, Cleanfuel, Seaoil, PetroGazz and Jetti Petroleum; while the rest of the industry players are anticipated to follow.

The oil firms will be adjusting their prices based on the swing of prices in the regional market as anchored on the Mean of Platts Singapore (MOPS) index; and that will come with integrated factors such as the foreign exchange rate, biofuel costs as well as market premium.

This is already the 10th week that prices at the pumps had been incessantly climbing; and this does not portend any bit of good news on the consumers’ fuel budgets as well as on the overall well-being of the economy which is being distressed with unremitting inflationary pressure.

According to global experts, the main developments in the market which sustained price rally had been the decision of Saudi Arabia for extended production cuts; as well as Russia’s proclivity on continued export curbs.

Those events happening with the biggest oil industry players that are part of the Organization of the Petroleum Exporting Countries and ally-producers (collectively known as OPEC+) had been compounded by the persistent inventory draws being resorted to by the US market.

Altogether, such market phenomena had been precipitating uninterrupted escalation in world oil prices because they portend supply tightening and uncertainties in the weeks and months ahead.

For the Philippine market, in particular, these unremitting upticks at the pumps will not only reinforce the public transport’s cry for fare hikes, but this will also have spiraling effect on the costs of basic commodities and services.

And when the new inflation figures will come out, rising fuel prices are expected figuring prominently again to be among the factors that may drive up the costs of basic services and commodities.