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Manila Bulletin devider Business devider Oil prices to climb again next week

Oil prices to climb again next week

Published Jun 5, 2021 11:33 am

Filipino motorists will need to cough up higher budget for their fuel consumption again next week as prices are anticipated to rise at the pumps.

Oil companies said that diesel products could rise a heftier P0.55 to P0.65 per liter; while gasoline prices by a marginal upward adjustment of P0.10 to P0.20 per liter.

With the resumption of air travel in countries that are gaining headway on their Covid-19 inoculation programs, the price of kerosene products, which is the base for aviation fuel, is also seen to be on continuous uptrend.

Based on local oil firms' estimate, kerosene will increase by P0.60 to P0.70 per liter in their scheduled pump price adjustments on Tuesday (June 8).

On year-to-date oil price movements, a monitoring report of the Department of Energy (DOE) showed that gasoline prices still incurred a net increase of P9.30 per liter; diesel had been higher by aggregate P7.60 per liter; and kerosene still had an upswing of P6.10 per liter.

According to experts, the incessant rise in oil prices are primarily driven by improving economic data in key economies like the United States, China and the European jurisdictions.

The lifting of movement restrictions in largely vaccinated countries also prompted the return of summer season travel for their citizens, hence, these have been driving up fuel demand, mainly in the US and Europe.

But in Asia, demand had been muted as more countries have recently reported rise in Covid-19 infections; and such development is a reverse of earlier projections suggesting that this region would be leading the way on global economic recovery post-Covid.

With demand getting ramped up, the Organization of the Petroleum Exporting Countries (OPEC) and its ally-producers led by Russia, have indicated that they are ready to send more crudes into market to beef up supply.

At this stage though, global producers have reckoned that demand growth forecast for 2021 had remained largely unchanged at 6.0 million barrels per day.

Related Tags

#OIL #PRICES #DOE #OPEC #MOPS
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