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Manila Bulletin devider Business devider Oil prices to go up next week

Oil prices to go up next week

Published Dec 18, 2021 09:35 am

Oil prices will climb again next week by P0.55 to P0.70 per liter but consumers in areas hit by Typhoon Odette will be spared from forthcoming adjustments at fuel pumps.

Based on the calculation of the oil companies, gasoline prices will rise by P0.45 to P0.55 per liter while diesel will increase by P0.50 to P0.60 per liter.

Kerosene, which is an essential commodity for households and key industries, will go up by P0.65 to P0.70 per liter, according to the industry players.

The price hikes will be implemented on Tuesday, Dec. 21, and it will be anchored on cost movements of the Mean of Platts Singapore (MOPS), which is the pricing benchmark adopted by the deregulated domestic downstream oil industry.

Next week’s rise in pump costs is still traced to uptrend in international oil prices as culled from the outcome of trading in initial days last week although there had been softening toward the weekend as the menacing threats of COVID-19’s Omicron variant fade away.

Relative to the projected price adjustments next week, Uy-led Phoenix Petroleum Philippines Inc. already advanced advisory to consumers that it will not implement price hikes in the calamity stricken-areas in Visayas and Mindanao.

Atty. Raymond Zorrilla, Senior Vice President of Phoenix Petroleum, announced “as part of our efforts to help those affected, we are not pushing through with any scheduled price movements on Phoenix products in affected areas until further notice.”

He said “the company is aware of the damage that Typhoon Odette has caused in many provinces across the country – particularly those in Visayas and Mindanao.”

Typhoon Odette battered southern parts of the country just days before Christmas and the calamity caused massive flooding and destruction in the affected areas across various localities in Visayas and Mindanao.

Based on a monitoring report of the Department of Energy (DOE), cost adjustments since the start of the year incurred net increases of P17.30 per liter for gasoline; P14.40 per liter for diesel; and P11.69 per liter for kerosene.

Related Tags

#OIL #PRICEHIKES #DOE #PHOENIX #PRICEFREEZE #TYPHOONODETTE #CALAMITYAREAS
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