Consumers filling up their vehicles with gasoline products will feel very slight pinch on their pockets this week as the price of this commodity will rise by P0.10per liter; while diesel users will be luckier with P0.10 per liter rollback for the product.

Meanwhile, for kerosene products which is a base for aviation fuel and an essential commodity for households and other industries, its price this week will be unchanged, based on the pricing advisories of the oil companies.

As of press time, the industry players that already sent notices on their price adjustments effective Tuesday (March 19) had been Shell Pilipinas Corporation, Seaoil Philippines; Cleanfuel and PetroGazz while their industry-competitors are expected to take their stride along with this week’s cost movements at the domestic pumps.

Global oil prices were on whimsical seesaw last week, that it was generally precarious to predict in which direction the prices will be swinging to from one trading day to the next.

On the initial four days of trading, there had been likelihood of moderate price rollback across commodities; but the anticipated cost downtrend was demolished for gasoline when prices escalated by end-week trading on Friday (March 15).

International benchmark Brent crude edged up to $85 per barrel last week, nevertheless, the spiral of prices in the Asian market had been tamed due to projected weaker demand of some markets in the region.

In particular, Indonesia which is the biggest market in the Southeast Asian region, is expected to have lower demand in the weeks leading to the Eid al-Fitr celebration by next month.

Adding up to the factors that softened oil prices in the Asian market had been the return-to-commercial operation of the refineries which were recently on shutdown for their routine maintenance activities.

Industry experts similarly noted that there have been colliding factors which affected the swing of prices last week – primarily the decline in US inventories as well as the reported drone strikes of Ukraine on the Russian oil refineries – primarily those in Novgorod, Novoshakhtinsk and Ryazan cities.

And despite the pronouncement of the Organization of the Petroleum Exporting Countries (OPEC) on voluntary production cuts, its impact on the market has not been manifest – especially with Russia’s hint that it will likely defy that call.