By Myrna M. Velasco
In the cost swings at the pumps this week, it will only be the price of gasoline that will saddle Filipino consumers with additional P0.90 per liter, based on the price adjustment notices sent by the oil companies yesterday.
For kerosene and diesel products, there will be no cost movement this week, according to the industry players.
As of press time, the oil companies that already adjusted prices effective 6 a.m. on Tuesday (March 12) include Pilipinas Shell Petroleum Corporation, Seaoil, Petro Gazz and Total; while their rival oil firms are anticipated to follow.
Global oil markets continue to be jolted by unprecedented swings in prices – either up or down due to confluence of factors like the anemic growth of many economies, including China and India of the Asian super power bloc. The slowdown in economic growths had been taming upswing in prices; but the production cut committed by the Organization of the Petroleum Exporting Countries (OPEC) and its Russian-led alliance has been providing a counterbalance to that.
In the midst of all these developments, it’s the countries relying on imports that are running extremely vulnerable to the shifting gears of cost movements for petroleum commodities.
In fact for the Philippines, it had seen more than 30-percent rise on its US dollar expenses for oil imports because of price uptrends that reigned for most months last year.