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Manila Bulletin devider Business devider Anticipated oil price hikes eased slightly

Anticipated oil price hikes eased slightly

Published Aug 31, 2024 12:16 am

At A Glance

  • According to the oil companies, the estimated increase for gasoline products will be at P0.25 to P0.65 per liter; while diesel prices will rise by a marginal P0.05 to P0.45 per liter; and kerosene by P0.40 to P0.80 per liter.<br> 

Financial strain on consumers’ pockets will ease a bit next week, as the anticipated oil price hikes ended up at lower amounts, based on the outcome of end-week trading in the regional market.

According to the oil companies, the estimated increase for gasoline products will be at P0.25 to P0.65 per liter; while diesel prices will rise by a marginal P0.05 to P0.45 per liter.

Of the three commodities with weekly price swings, it will be kerosene products that will have relatively moderate price escalation of P0.40 to P0.80 per liter.

If referenced mainly on the whole week Mean of Platts Singapore (MOPS) index, the calculated price hikes had been at P0.290 per liter for gasoline; P0.014 per liter for diesel and P0.525 per liter for kerosene products.

Earlier mid-week projection of price ascent had been heftier at P0.547 per liter for gasoline; P0.286 per liter for diesel and P0.744 per liter for kerosene; but the downswing in the last two days of trading will at least lift what could have been a heavier burden for consumers in the coming week.

Apart from price climbs for fuel products at the pumps, household budgets may also take a pinch on the forecasted rise in liquefied petroleum gas (LPG) prices that will take effect this September 1.

On the assessment of market watchers, while prospective supply disruption in Libya initially sent prices on upward spiral in the initial trading days, that was countered by demand slowdown precipitated mainly by China’s economic concerns.

They also cited Iraq’s intensifying move for production cut at its Kurdish region, but pricing pressure from that development was also thwarted by relatively favorable economic data released by the United States.

For LPG, industry players noted that international contract prices as benchmarked on Saudi Aramco tracked uptrend due to the stockpiling of countries that will be deluged with winter avalanche in the coming months.

Cost movement for LPG products is enforced for the whole month; while fuel retailed at the pumps are on weekly seesaw.

Related Tags

Economic Development Oil prices Mean of Platts Singapore LPG prices geopolitics
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