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Manila Bulletin devider Business devider Big time hike in pump prices expected next week

Big time hike in pump prices expected next week

Gasoline to rise by more than P2.00/liter

Published Jan 26, 2024 04:01 am

At A Glance

  • The oil companies will implement the fifth round of price adjustments this year on Tuesday (January 30); and the potential price hikes would still go higher due to risk premium ignited by intensifying geopolitical tension in the Middle East.

Financial torture will strike at consumers’ pockets again next week, as big-ticket price hikes are looming at the domestic petroleum pumps, based on the calculation of the oil companies.

According to the industry players, the anticipated heftiest price hike will be for gasoline products at P2.10 to P2.60 per liter; and diesel prices will climb by a leaner P0.65 to P1.15 per liter.

For kerosene products, the upward price adjustment will be to the tune of P1.65 to P2.15 per liter, as culled from the estimates of the oil firms.

If reckoned from the outcome of four-day regional trading anchored on the Mean of Platts Singapore (MOPS), the projected price hikes would be P2.142 per liter for gasoline; P0.675 per liter for diesel; and P1.68 per liter for kerosene.

There is still one day of trading left, hence, the MOPS-based calculations may still change after the close of end-week trading on Friday (January 26).

The oil companies will implement the fifth round of price adjustments this year on Tuesday (January 30); and the potential price hikes would still go higher due to risk premium ignited by intensifying geopolitical tension in the Middle East.

Global oil prices have been on wild gyration on some trading weeks this January, especially when assault at the Red Sea was launched by the Houthi militants – precipitating then the diversion of shipping vessels that have been delivering energy commodities to various parts of the world.

Just recently, the skirmish escalated because of the retaliatory strikes launched by the United States and the United Kingdom – and that so far pushed world oil prices even higher.

The rerouting of product deliveries through the Cape is being viewed by experts to be causing some sort of disruption in supply – because it will take longer before the products would be reaching their destination markets; and that also entails higher freight costs for those commodity shipments.

And as the global oil industry navigates turbulent waters, the consumers of oil import-dependent economy like the Philippines would be left with no choice but to ride the adverse impact of volatile oil prices. 

 

 

 

Related Tags

Oil prices MOPS shipping Houthi rebels geopolitics
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