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Manila Bulletin devider Business devider Brace for higher oil prices next week

Brace for higher oil prices next week

Published Dec 11, 2021 09:53 am

Petroleum pumps will take a major reverse course next week with big-time price hikes of P1.20 to P1.65 per liter due across products, according to the initial calculation of the oil companies.

Based on the outcome of last week’s trading, the industry players are estimating hefty price upticks of P1.55 to P1.65 per liter for gasoline; while diesel prices will likely rise by P1.25 to P1.35 per liter.

And as fears on the impact of the Omicron variant of COVID-19 are getting muted, even air travels are resuscitated, hence, triggering increase in kerosene products known as base for aviation fuel to the tune of P1.20 to P1.30 per liter.

Oil firms will adjust their prices on Tuesday, Dec. 14, as anchored on the cost movements of the Mean of Platts Singapore (MOPS), the pricing reference adopted by the deregulated downstream oil industry.

The anticipated price hikes do not include yet the additional cost recoveries that may be enforced by the local oil companies because of higher prices of ethanol, which they are using as blend to their gasoline products.

International benchmark Brent crude climbed back to the level of $75 per barrel last week after plummeting to the $68 per barrel level in recent weeks because of the yet-unknown disruption threats of the new coronavirus strain.

Even Dubai crude, which is the pricing reference for Asian oil markets, had been at a high of $73 per barrel last week; similarly signaling demand jump as global economies will carry on with their recovery plans and strategies.

This recent upswing in prices though will come as a bit of bad news for Filipino consumers – especially so since many are keeping pace with increased duration of travel in preparation for the Christmas holidays.

Even the public transport sector had been “calm” in the past weeks because of the series of price rollbacks that they were able to enjoy. However, the din of protests in the streets may take a different tone in the coming days as consumers brace for new wave of price hikes at the pumps.

A monitoring report of the Department of Energy (DOE) showed that year-to-date adjustments still incurred net increases of P15.70 per liter for gasoline; P13.05 per liter for diesel; and P10.49 per liter for kerosene.

Related Tags

#OIL #PRICEHIKES #MOPS #DOE #BRENTCRUDE #DUBAICRUDE
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