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Manila Bulletin devider Business devider Big time oil price hikes to pummel consumers at domestic pumps next week

Big time oil price hikes to pummel consumers at domestic pumps next week

Over P2.00/liter increase for gasoline anticipated

Published Mar 22, 2024 01:22 am

At A Glance

  • Gasoline prices are anticipated to have the heftiest increase of P2.00 to P2.40 per liter; while diesel prices will rise significantly by P1.30 to P1.70 per liter.; and kerosene prices  will climb by  P1.20 to P1.60 per liter.
  • If referenced mainly on calculations indexed on the Mean of Platts Singapore (MOPS), the price adjustments would have been P2.080 per liter for gasoline; P1.308 per liter for diesel and P1.37 per liter for kerosene products.<br> 

The consumers’ agony of crucifixion will manifest at the gas pumps next week, as the oil companies already advised of big time oil price hikes.

As reckoned from the estimates of the industry players from the outcome of four-day trading in the regional market, gasoline prices will have the heftiest increase of P2.00 to P2.40 per liter; while diesel prices will rise significantly by P1.30 to P1.70 per liter.

Additionally, for kerosene which is a base for aviation fuel and an essential commodity for key industries and households, its price is projected to go up by P1.20 to P1.60 per liter.

If referenced mainly on calculations indexed on the Mean of Platts Singapore (MOPS), the price adjustments would have been P2.080 per liter for gasoline; P1.308 per liter for diesel and P1.37 per liter for kerosene products.

Nevertheless, market risk premium triggered by the Red Sea as well as latest geopolitical developments have been adding up pressure to prices, hence, the actual adjustments at the domestic pumps may end up higher.

According to the oil companies, the final adjustments may still change by end-week trading on Friday (May 22), but a reversal to rollback would already be a remote possibility.

Since the start of the year, the constantly gyrating oil prices had already accrued to net increases of P5.55 per liter for gasoline and P3.70 per liter for diesel; while kerosene prices still had a net decrease of P0.25 per liter.

As emphasized by industry experts, the major factor which ignited surge in global oil prices in recent days had been the drone attacks launched by Ukraine on Russian oil refineries across different cities.

That critical incident had prompted new round of radical escalation in the price of benchmark Brent crude, which climbed above $85 per barrel from the leaner $82 per barrel in previous weeks.

The uptick in prices was also triggered partly by the continuing replenishment of the strategic petroleum reserve (SPR) of the United States, which is part of its preparation for the summer months.

For an oil import-dependent economy like the Philippines, any portended series of escalation in oil prices will bring bad news not just on the pockets of consumers but also on the inflationary impact that this will bring to the overall Philippine economy.

Related Tags

drone attacks Oil prices Mean of Platts Singapore Russia-Ukraine war geopolitics
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