Consumers will have diverging fate at petroleum pumps this week, as those using diesel will be cheered with price rollback, while those filling up their vehicles with gasoline products will bear added financial pain in their pockets.

Based on the advisories of the oil companies, the price of gasoline products will rise by P0.45 per liter, while diesel will be trimmed by P0.60 per liter and kerosene will have a reduction of P1.05 per liter.

As of press time, the oil firms that already adjusted prices effective Tuesday (April 2) had been Shell Pilipinas Corporation, Seaoil, Cleanfuel and PetroGazz; while their competitor-firms are all anticipated to follow.

For this week’s increase in gasoline prices, that will be felt largely by consumers as many would still be on their drive back to their homes following several days of Lenten break – a ‘pause’ from daily grind and work which prompted many families to take momentary hiatus in various parts of the country.

According to industry experts, there had been varied factors which affected price swings last week – such as the softening of diesel and kerosene prices in the Asian region; while gasoline prices had been mainly affected by global market fundamentals.

In particular, trading in Singapore had just been for four days last week because of the Good Friday holiday in that regional trading hub, hence, the uptick in prices at end-week trading was no longer captured in the calculation of the price average to be reflected at the pumps this week.

In particular, it was emphasized that the stance of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) to sustain their output until the end of the year started manifesting its impact on markets; and that somehow triggered uptrend in international oil prices last week.

The other developments which added pressure on world oil prices last week had been the replenishment of the United States on its strategic petroleum reserve (SPR) as well as its better-than-expected GDP result for the fourth quarter of 2023.

To date, industry watchers are anticipating climb in the price of international benchmark Brent crude to $90 per barrel; and the escalation is by now becoming apparent as Brent crude already surged beyond $87 per barrel in recent trading days.

As constantly projected, the continued volatility of oil prices in the world market will persistently impact global economies – and it will be the import-dependent countries, like the Philippines, that will bear the full force of any price shocks.