Big-time price hikes at the pumps will take another gut-wrenching blow on consumers’ pockets next week, as oil prices are projected to rise above P1.00 per liter across commodities.

Based on the calculation of the oil companies, the price of gasoline products will likely increase by P1.10 to P1.50 per liter; while diesel prices will potentially climb by P1.00 to P1.40 per liter.

Similarly for kerosene, which is an essential base for aviation fuel and also a key product used at households and other key industries, its price is estimated to go up by P1.05 to P1.45 per liter, according to the oil firms.

If referenced purely on the outcome of three-day trading as indexed on the Mean of Platts Singapore (MOPS), the calculated price adjustments to-date would be P1.092 per liter for gasoline products; P1.027 per liter for diesel and P1.085 per liter for kerosene.

The oil companies, however, cautioned that the final projection for price hikes may still change by Friday (August 16) as there are still two remaining days up for settlements within the week.

According to industry experts, the renewed escalation of prices in the international market had been due to the resuscitated tension in the Middle East – as Israel indicated that it has been on high alert on anticipation of retaliatory attacks from Iran, as well as those of Hezbollah in Lebanon and the Houthis in Yemen.

It was further noted that the friction in Gaza had also intensified following the killing of more than 100 civilians which is being traced to the Israeli army.

On the economic front, sentiments already shifted such that the feared economic recession, especially in the United States, may no longer be imminent, hence, that prompted international oil prices to track new round of upward gyration.

Beyond these economic and geopolitical factors, market traders are also keeping tabs on the release of new supply-demand outlook by the Organization of the Petroleum Exporting Countries (OPEC) as well as that of the Paris-based International Energy Agency (IEA).

For the Filipino consumers, thy might have enjoyed temporarily relief at the domestic pumps this week, but that will be immediately replaced with financial distress given the foreseen hefty price hikes in the forthcoming week.