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Manila Bulletin devider Business devider Pump prices up next week across products

Pump prices up next week across products

Updated full-week price trends

Published Apr 13, 2024 01:03 am

At A Glance

  • Based on the outcome of whole week trading in the regional market, the industry players estimated that the price of diesel products will rise by P0.70 to P1.10 per liter; while kerosene prices will also climb by P0.60 to P1.00 per liter; and gasoline products will go up slightly by P0.15 to P0.45 per liter.
  • If referenced mainly on the Mean of Platts Singapore (MOPS) index, the calculated upward price adjustments would be P0.713 per liter for diesel, P0.724 per liter for kerosene and P0.169 per liter for gasoline.<br> 

The squeeze on consumers’ pockets will continue next week, as the oil companies are anticipating new round of increase in the prices of diesel and kerosene products.

Based on the outcome of whole week trading in the regional market, the industry players estimated that the price of diesel products will rise by P0.70 to P1.10 per liter; while kerosene prices will also climb by P0.60 to P1.00 per liter; and gasoline products will go up slightly by P0.15 to P0.45 per liter.

At end-week trading, the price hike for gasoline commodities shaped up instead of a no-change from four-day trading results; while there had been negligible downtrend in the price adjustments for diesel and kerosene.

If referenced mainly on the Mean of Platts Singapore (MOPS) index, the calculated upward price adjustments would be P0.713 per liter for diesel, P0.724 per liter for kerosene and P0.169 per liter for gasoline.

Prior to the next round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that price fluctuations since the start of the year already summed up to net increases of P9.30 per liter for gasoline, P6.05 per liter for diesel and P1.40 per liter for kerosene.

For most trading days this week, international benchmark Brent crude conveniently settled above $90 per barrel due to geopolitical events and other factors that had been carried over from the past trading week.

It was emphasized that market sentiments still reflect the impact of the decision of the Organization of the Petroleum Exporting Countries and ally-producers (OPEC+) on continuing production curb until mid-year.

Pricing pressures have likewise been aggravated by the lack of ceasefire window on the escalating tension between Israel and Iran, hence, that has been raising jitters on potential supply disruption.

Within the week, market watchers were also eagle eyed on the inflation reports of key economies like the United States and China – and these ‘super power countries’ have logged mixed outcomes with the US posting a surge; while China registered slowdown, hence, that prompted slight downtrend in global oil prices to the $89 per barrel level.

The next market trends being monitored by industry players would be the kick-off of driving season in the US; as well as how demand will be shaping up for the Asian markets. 

 

Related Tags

Oil prices Department of Energy (DOE) Organization of the Petroleum Exporting Countries Brent crude geopolitics
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