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Manila Bulletin devider Business devider Hefty oil price hikes to deepen hole in consumers' pockets next week

Hefty oil price hikes to deepen hole in consumers' pockets next week

Diesel to rise by over P1.00/liter

Published Feb 2, 2024 06:51 am

At A Glance

  • Industry experts noted prices were still continuously ticking up in the world market due to the lingering geopolitical events in the Middle East; and that was compounded by industry developments in the Asian region – including the shutdowns of some refineries.

Another round of hefty price hikes will deepen hole in the consumers’ pockets next week, with diesel rising by more than P1.00 per liter, based on the initial estimates of the oil companies.

According to the industry players, the price increase for diesel products may range from P1.45 to P1.95 per liter; while gasoline prices will rise by P0.75 to P1.05 per liter.

Additionally for kerosene, which is a vital commodity for the aviation sector as well as for other industries and even households, the estimated price escalation will be at P0.90 to P1.40 per liter.

The calculation of upward cost movements from the four-day outcome of trading as reckoned on the Mean of Platts Singapore (MOPS) had been at P1.482 per liter for diesel; then P0.764 per liter for gasoline; and P1.049 per liter for kerosene products.

The oil companies will implement the sixth round of price adjustments this year by Tuesday (February 6); and this will also follow the big-ticket cost hikes reflected at the pumps last week. The final price adjustments may still change depending on the result of Friday (February 2) trading.

While weekly price swings in the Philippine market are often anchored on the MOPS index, the oil firms have been citing market risk premium – at the scale of roughly $3.00 per barrel - as added factor precipitating even higher climb in prices.

Prior to next week’s price hikes, the Department of Energy (DOE) has already logged net increases for petroleum commodities since the start of the year to the tune of P2.80 per liter for gasoline; P1.30 per liter for diesel and P0.45 per liter for kerosene.

Industry experts noted prices were still continuously ticking up in the world market due to the lingering geopolitical events in the Middle East; and that was compounded by industry developments in the Asian region – including the shutdowns of some refineries.

As emphasized, there had been increased pressure on diesel prices because this is a commodity highly preferred by most markets in the Asian region, including the public transport system of countries in this part of the world.

Last year’s impact of wild fluctuation in oil prices was not on a positive territory for the Philippines, as the incessant price increases had been specified among the elements which slowed down economic growth versus the more robust target set by the economic managers. 

 

Related Tags

Oil prices Department of Energy (DOE) Mean of Platts Singapore economic growth geopolitics
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