With incessant rally in prices in the world market, the cost of gasoline at the domestic petroleum pumps will rise by P1.20 per liter this week; and diesel prices will climb by P1.05 per liter, as advised by the oil companies.

Additionally, the price of kerosene, which is an essential commodity both for households and key industries like aviation, will go up by P0.65 per liter in this new round of adjustments.

As of press time, the industry players that already sent notices on their price hikes effective Tuesday (February 15) had been Pilipinas Shell Petroleum Corporation, Cleanfuel, Seaoil, PetroGazz and Chevron; while the rest of the industry players are anticipated to follow.

With this fresh wave of cost escalations, the net increases for gasoline products since the start of the year will already hover at P7.95 per liter; diesel at P10.20 per liter; and kerosene fuel will already be higher by P9.10 per liter.

This is by far the seventh upward adjustment in a series of price hikes that started in January; and this is also seen sustained in the weeks and months to come given prevailing price uptrends in oil markets.

As of Monday trading, international benchmark Brent crude skyrocketed above US$95 per barrel – and that was mainly ignited by the declaration of the Paris-based International Energy Agency (IEA) that supply tightness will reign in markets due to falling spare capacities of world oil producers as well as feared impact of the intensifying political tension in the Russia-Ukraine standoff.

The continuously rising prices in the world market has been reinforcing forecasts that crude oil will hit the US$100 per barrel mark in the foreseeable timeframe – still on account of tight supply worries and compounded by geopolitical concerns.

Given these predicaments, it is seen that the oil-import dependent countries would be the markets that could suffer the brunt of massive financial impact on their consumers and affected industries.

In the Philippines, bid for transport fare hikes has already been intensifying and a regulatory evaluation on such petition is scheduled next month.

Apart from public transport, it is also anticipated that the astronomical rise in prices will have spiraling effect on the costs of services and other basic goods, especially for businesses that rely on fuel commodities.

The excise tax suspension, which is the major financial relief being batted for by consumers, has yet to get through Congress approval, hence, this is not expected easing pump price adjustments soon.