Some consumers’ pockets will be on distress again next week, especially those who are filling up their vehicles with gasoline, which is  anticipated to rise by P0.70 to P1.20 per liter, based on the estimates of the oil firms. Conversely, diesel products may have marginal price reduction of P0.10 to P0.30 per liter or there will be no change; while kerosene prices will be on a rollback of P0.40 to P0.80 per liter, according to the industry players. Oil companies will implement their price adjustments on Tuesday, March 14, and it will be anchored on the cost swings of traded fuel commodities in the region as indexed on the Mean of Platts Singapore (MOPS); as well as the fluctuation of the local currency versus the US dollar. Prior to the forthcoming round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that gasoline prices already logged aggregate increase of P5.70 per liter since the start of the year; while diesel posted net reduction of P0.90 per liter; and kerosene had been down by P1.05 per liter. The renewed see-saw in prices in the world market last week precipitated this new batch of mixed bag of price swings at the domestic pumps; a market scenario that the Philippines cannot avoid because of its heavy dependence on imported fuel commodities. As noted by industry experts, the main factor that triggered renewed fluctuations in global oil prices last week had been prospects on China’s demand hike for more vigorous industrial activities although that was eventually muted; while the other revolves around talks on Russia’s plan for wider production cut. However, the events driving up prices was immediately replaced with gloom when the US Federal Reserve sounded off new wave of alarm on economic recession fears that had also prompted more aggressive interest rate hikes, hence, resulting in new round of panic in oil markets. Owing to that single pronouncement from the US Fed, the jump in prices in initial trading days last week was suddenly reversed, with international benchmark Brent crude prices slipping to $81 per barrel as of Friday (March 10) from a heftier $85 per barrel on Monday’s (March 6) kick-off of trading. At this stage, industry experts and market watchers are indicating that there are no powerful narratives that could take oil markets into a bullish turn yet, hence, there is no clear direction where the pricing compass will be leading to in the days ahead. Nevertheless, the geopolitical events and key fundamentals being monitored by oil markets have been the protests in France that disrupted oil and gas operations in the country, including those on refineries; while in the US, the Biden administration is seen proposing the scrapping of subsidies for oil and gas and that will likely affect incentives even for upstream drilling activities.