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Manila Bulletin devider Business devider Final price hikes soften after Friday trading, but still substantial

Final price hikes soften after Friday trading, but still substantial

Updated oil price hike figures

Published Feb 17, 2024 01:09 am

At A Glance

  • Initial trend of upward pricing adjustments as of Thursday (February 15) had been more elevated after global prices climbed to as high as $82 per barrel for benchmark Brent crude in the prior trading days.

Price hikes at the domestic pumps next week ended up slightly leaner after Friday (February 16) trading, due to softening of prices in the world market, according to the industry players.

At end-week, the final calculation for price hike in gasoline products was still substantial at P1.20 to P1.60 per liter, while diesel will have an increase of P0.80 to P1.20 per liter; and kerosene prices will rise by P0.90 to P1.30 per liter.

Initial trend of upward pricing adjustments as of Thursday (February 15) had been more elevated after global prices climbed to as high as $82 per barrel for benchmark Brent crude in the prior trading days.

As a routine, the oil companies will be adjusting their prices on Tuesday (February 20) based on the swing of the Mean of Platts Singapore (MOPS) index, which is the adopted pricing reference for the deregulated Philippine oil industry.

The estimated full week MOPS-anchored price escalations had been at P1.259 per liter for gasoline, P0.859 per liter for diesel and P1.062 per liter for kerosene products.

Nevertheless, the ultimate price increases could still be higher due to the market risk premium arising from added costs on rerouting of product deliveries because of the lingering friction at the Red Sea.

As noted by global experts, there had been weakness manifesting on retail sales at the US market, the world’s biggest oil consumer – and so far that countered other factors exerting upward cost pressures.

Primarily, this week’s endgame will still be reflected as price hikes at the pumps due to the new escalation of tension in the Middle East with Israel extending its assault not just with the Houthi rebels, but also the Rafah militants.

Aggravating market developments also circle on reports that the member-producers of the Organization of the Petroleum Exporting Countries (OPEC) are still working on their planned production cuts.

As oil prices would be on upswing again, Filipino consumers will not just feel financial pain at the pumps, but even its spiraling impact on the cost of basic commodities and services. 


 

Related Tags

Oil prices Mean of Platts Singapore Israel-Palestine conflict Organization of the Petroleum Exporting Countries geopolitics
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