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Manila Bulletin devider Business devider Gasoline prices to increase by over P2.00/liter; diesel hike could go beyond P1.00/liter

Gasoline prices to increase by over P2.00/liter; diesel hike could go beyond P1.00/liter

Updated story

Published Jan 27, 2024 02:14 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.

As reckoned from the outcome of five-day trading in the regional market, the anticipated heftiest price hike will be for gasoline products at P2.35 to P2.85 per liter; and diesel prices will climb by a leaner P0.95 to P1.45 per liter.

For kerosene products, the upward price adjustment will be to the tune of P0.40 to P0.80 per liter, as culled from the final estimates of the oil firms.

If accounted purely from the Mean of Platts Singapore (MOPS) index, the projected price hikes would be P2.383 per liter for gasoline; P0.970 per liter for diesel; and P0.40 per liter for kerosene.

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.

Market watchers similarly noted that the bullish economic data of the United States had bolstered the trading price of international benchmark Brent crude – breaking into the $83 per barrel territory as of Friday (January 26) trading.

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 Mean of Platts Singapore economic growth Houthi rebels geopolitics
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