Filipino consumers will need to brace for increase in diesel prices next week that may range from P0.35 to P0.45 per liter; while kerosene prices may go up from P0.20 to P0.30 per liter.
For gasoline products, based on the initial calculation of the oil companies, there is a possibility of ‘no movement’ in prices, or there could just be a slight rollback of P0.05 per liter.
The oil industry players are anticipated to adjust their prices on Tuesday (November 24), in keeping with the routine that the deregulated downstream petroleum sector has been enforcing.
Reckoning from last week’s hefty cost swings, the net reduction in pump prices in the last 11 months had already been trimmed to P4.62 per liter for gasoline; P9.36 per liter for diesel; and P12.59 per liter for kerosene.
Market analysts are currently keeping a close tab on developments relating to the rollout of Covid-19 vaccine, since this is seen as the ultimate impetus to economic recoveries around the world and for people’s movement to revert to normal.
Until yearend, it is anticipated that oil demand may still be on sluggish recovery, but this is projected rising by more than 3.0 million barrels next year.
In terms of economic recovery, there are prognosis by experts that markets in the Asian region will lead the way -- primarily by China, India and the Southeast Asian countries.
In the Philippines, areas ravaged by the recent passing of typhoon Ulysses are on 15-day price freeze for kerosene and liquefied petroleum gas (LPG) products from the time that their local government unit (LGU) leadership declared a state of calamity