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Manila Bulletin devider Trade & Energy devider Big-time oil price hikes set next week

Big-time oil price hikes set next week

Diesel to rise by more than P3.00/liter

Published Jul 29, 2023 12:18 am
Big-time price hikes at the pumps will have heavy blow on consumers’ pockets next week, with the price of diesel products are anticipated to rise by as much as P3.20 to P3.50 per liter, based on the calculation of the oil companies. Industry players similarly estimated P1.85 to P2.15 per liter hike in gasoline prices, while kerosene products are expected to increase by P2.80 to P3.10 per liter, effective Tuesday, Aug. 1. The big-time oil price increase is  based on the Mean of Platts Singapore (MOPS), the pricing index which follows supply-demand dynamics of fuel commodities in the Asian region. Beyond escalating costs at the pumps, Filipino households will need to tighten their belts further as the price of liquefied petroleum gas (LPG) will also be on upswing this August. Prior to the forthcoming round of pump price adjustments, a monitoring report of the Department of Energy (DOE) has shown that cost swings since the start of the year logged net reduction of P0.40 per liter for diesel and P3.35 per liter for kerosene. For gasoline, it had been on a reverse trajectory as that commodity still incurred aggregate increase of P8.90 per liter. According to industry experts, prices in the world market tracked fresh round of rally in last week’s trading mainly due to China’s crude buying uptick; as well as better economic prospects emerging for the United States. The crude stocks of the Asian super power country were reported to have been shored up by roughly 1.0 billion barrels, palpably hitting "record high" in the past three years. Many markets are also on their "supply buildup mode" in preparation for higher demand during the winter season - especially for countries with heating needs. Recent developments in oil markets had so far driven up the price of international benchmark Brent crude close to the $85 per barrel territory as of Friday, July 28, trading. Additional factor which lifted market sentiments include the recent deal cemented by Saudi Aramco for the targeted mega-refinery investments in Pakistan.

Related Tags

Department of Energy Oil prices Mean of Platts Singapore liquefied petroleum gas
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