The pressure on oil price hikes next week skidded slightly, as the increase for some commodities had gone lower than P1.00 per liter if reckoned on the outcome of four-day trading in the regional market.

Based on the new calculation of the oil companies, the anticipated rise for gasoline products had softened to P0.75 to P1.15 per liter; while the climb for diesel prices had gone leaner to P0.95 to P1.35 per liter.

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 still estimated to go up by P1.00 to P1.40 per liter, according to the oil firms.

From the outcome of four-day trading as indexed on the Mean of Platts Singapore (MOPS), the calculated price adjustments have been P0.776 per liter for gasoline products; P0.965 per liter for diesel and P1.010 per liter for kerosene.

The oil companies, however, cautioned that the final projection for price hikes may still change by Friday (August 16), although the overall trajectory at this point will be substantial adjustment in prices at the domestic pumps.

As emphasized by 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 somehow 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.

However, part of the factors which pulled down prices on Thursday (August 15) trading had been the apparent continued slowdown of demand for oil commodities as economic growths in key countries have not been gathering pace as projected.

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 temporary relief at the domestic pumps this week, but that will be immediately replaced with financial distress given the foreseen significant price hikes in the forthcoming week.