The strain on consumers’ budgets will continue next week, especially with gasoline prices which are expected to rise heftily by P1.30 to P1.70 per liter, based on the calculation of the oil companies.

For the other fuel commodities, diesel prices are projected to increase by P0.40 to P0.80 per liter; while kerosene prices will be on uptick of P0.45 to P0.85 per liter, according to the industry players.

If reckoned on the four-day outcome of trading as anchored on the Mean of Platts Singapore (MOPS), the calculated upward price adjustments would be P1.413 per liter for gasoline products, diesel will be P0.389 per liter and P0.582 per liter for kerosene products.

This is already the fourth in a series of unabated escalations in oil prices since last month, precipitated by intensifying geopolitical concerns as well as on demand growth assumptions plus the impact of extreme weather conditions.

Prior to the forthcoming round of price hikes, a monitoring report of the Department of Energy (DOE) has shown that price adjustments since the start of the year already logged aggregate increases of P9.25 per liter for gasoline; P8.40 per liter for diesel; and P1.75 per liter for kerosene products.

As emphasized by industry experts, the new wave of escalation in global oil prices had been precipitated by the all-too-familiar market dynamics - including the perceived firm commitment of the Organization of the Petroleum Exporting Countries (OPEC) and ally-producers for output cuts, as well as demand growth, especially for the driving season in the United States.

Aggravating the factors driving up prices have been crude inventory draw in the US market, risks of output disruption due to the onset of the hurricane season; as well as the new wave of mounting tension in the Middle East.

As of Thursday (July 4) trading, international benchmark Brent crude climbed anew to the $87 per barrel level following its drop to $82-$83 per barrel last week.

Following this week’s surge in international prices, there are no tangible market signals yet that could point to possible softening of prices in trading days ahead.

And as domestic prices would track relentless surge, Filipino consumers are left with no choice but to endure the financial pain of rising fuel prices – including its spiraling impact on the prices of basic commodities and  services.