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Manila Bulletin devider Business devider Big time oil price hikes to torment consumers anew next week

Big time oil price hikes to torment consumers anew next week

Published Jun 14, 2024 08:01 am

At A Glance

  • As estimated by the industry players, the price of diesel products will rise significantly by P1.20 to P1.60 per liter; while gasoline prices will increase by P0.80 to P1.20 per liter; and kerosene by P1.60 to P2.00 per liter.<br> 

It will be another round of stranglehold on consumers’ pockets next week, as big-time oil price hikes will reign at the domestic pumps, based on the calculation of the oil companies.

As estimated by the industry players, the price of diesel products will rise significantly by P1.20 to P1.60 per liter; while gasoline prices will increase by P0.80 to P1.20 per liter.

The price of kerosene, which is an essential base product for aviation fuel and also a key commodity for households and other industries, is projected to go up by P1.60 to P2.00 per liter.

If reckoned purely on the Mean of Platts Singapore (MOPS) index, the calculated price adjustments had been P1.336 per liter for diesel; P0.819 per liter for gasoline and P1.833 per liter for kerosene products.

The oil firms will adjust their prices on Tuesday (June 18), and it will be anchored mainly on MOPS’ cost movements which integrated the depreciating value of the Philippine peso; plus the sway of market forces.

The forthcoming round of price hikes for oil commodities will come as added financial pain for Filipino consumers, as their cousin power utilities – including Manila Electric Company (Meralco), also announced earlier uptick in electricity rates.

According to global experts, prices in the world market have been reaching new elevated heights due to surging summer demand in major markets, primarily in the United States and other parts of the world.

For aviation fuel, in particular, it was noted that reports of tight supply in Japan had precipitated considerable rise in the cost of this fuel commodity.

As of Friday (June 14) trading, international benchmark Brent crude had escalated anew beyond $82 per barrel from its drop to $78-$79 per barrel within trading days in the previous week.

For an import-dependent economy like the Philippines, the constantly volatile swing of oil prices will continue to inflict pain not just on Filipino consumers’ individual wallets, but will even have larger implication on the economy. 

 

Related Tags

Oil prices foreign exchange Mean of Platts Singapore Brent crude volatility
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