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Manila Bulletin devider Business devider Significant price hikes anticipated for gasoline, diesel next week

Significant price hikes anticipated for gasoline, diesel next week

Published Jan 20, 2024 02:01 am

At A Glance

  • The calculated price hikes are P0.95 to P1.45 per liter for gasoline; while diesel prices may climb by P0.60 to P1.10 per liter; then kerosene prices may also go up by P0.25 per liter due to market risk premium or it may remain steady. 

Motorists will have to brace for fresh round of financial pain next week as pump prices are anticipated to rise by a relatively significant level that will inch close to P1.00 per liter for gasoline and diesel products, based on the calculation of the oil companies.

According to the industry players, gasoline prices are projected to increase by P0.95 to P1.45 per liter; while diesel prices may climb by P0.60 to P1.10 per liter.

For kerosene products, estimates based on the Mean of Platts Singapore (MOPS) index still hovers on the rollback territory, but given combative market premium due to intensifying geopolitical risks in the Middle East, that could take a reverse course to a price hike of P0.25 per liter; or it may remain steady.

If purely reckoned on MOPS, the calculated upward adjustments had been P0.954 per liter for gasoline products; then P0.632 per liter for diesel; while kerosene was on a decline of P0.029 per liter.

This is already the third week of seesaw in price adjustments at the domestic pumps, and as the warring countries get more aggressive on their assaults, import-depending economies like the Philippines will be continually perturbed with oil price volatilities.

As culled from the monitoring report of the Department of Energy (DOE), price adjustments since the initial week of 2024 already posted aggregate increases of P0.65 per liter for diesel and P0.30 per liter for gasoline; while kerosene still has a net decrease of P0.40 per liter.

On the prognosis of global industry experts, oil prices may track continuing upticks in the trading days ahead as Pakistan and Iran had already joined the fray in the Middle East conflict.

Such rising tension in that part of the world had likewise been compounded by the cold snap plaguing the United States, which precipitated reduction in the output of one of their oil production facilities.

Another development which influenced prices in the world market last week had been the move of the Paris-headquartered International Energy Agency (IEA) on increasing demand forecast by 1.24 million barrels per day within this year.

International benchmark Brent crude teased its way again into the $80 per barrel mark last week, but as of end-Friday (January 19) trading, it eased back below the scale of $79 per barrel.

Related Tags

Oil prices Department of Energy (DOE) International Energy Agency (IEA) Mean of Platts Singapore geopolitics
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