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Manila Bulletin devider Business devider Oil prices on hefty hikes for the 8th time

Oil prices on hefty hikes for the 8th time

Published Feb 19, 2022 12:31 pm

As global oil prices inched higher, hefty cost adjustments at domestic petroleum pumps are expected again next week for the 8th round this year.

From the outcome of last week’s international trading, it has been estimated that gasoline prices will increase by P0.95 to P1.05 per liter; diesel by P0.55 to P0.65 per liter; and kerosene prices will climb by P0.45 to P0.55 per liter.

Oil companies will implement the new round of price hikes on Tuesday, Feb. 22, reckoned mainly on the swing of prices as referenced on the Mean of Platts Singapore (MOPS), the pricing yardstick adopted by players of the country’s deregulated downstream oil sector.

According to global experts, while news of probable “Iran nuclear deal’ helped soften prices momentarily in recent trading days, sentiments shifted because of the lingering concerns over prospects of under-production by the Organization of the Petroleum Exporting Countries (OPEC), hence, prices continued on their astronomical spikes.

International benchmark Brent crude softened to US$92 per barrel on Thursday after gyrating to US$95 per barrel; but as of end of week trading, it still settled high at more than US$93 per barrel. Dubai crude, which is the reference pricing for Asian markets, also sustained its rally at more than US$91 per barrel.

Since the start of the year, a monitoring report of the Department of Energy (DOE) showed that prices at Philippine pumps already incurred net increases of P7.95 per liter for gasoline products; P10.20 per liter for diesel; and P9.10 per liter for kerosene commodities.

Despite the incessantly surging international prices, the government is still not moving seriously into suspending the excise taxes for gasoline and diesel commodities, hence, there is no short-term cost relief that the consumers can lean on to.

Under the Tax Reform for Acceleration and Inclusion (TRAIN) Act, suspension of excise taxes for petroleum products will be enforced if Dubai crude will average at US$80 per barrel or higher within the stretch of a quarter, thus, the recourse could be automatic deferral by April this year.

Shortage of oil supply that can be injected into markets by key producers, like Saudi Arabia as well as Kuwait and United Arab Emirates, have been exerting extreme pressure on markets; thus, the sustained upswing in prices.

Just recently, the Paris-based International Energy Agency (IEA) has joined the league of major importers, like India, to call on Middle Eastern producers to bring more crude oil-barrels into markets so prices would ease.

Related Tags

#OIL #PRICES #DOE #DUBAICRUDE #BRENTCRUDE #MOPS
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