Consumers are under new threat of financial drain next week as pump prices are seen rising again by a significant proportion, based on the estimates of the oil companies.

According to the industry players, the price of gasoline products will potentially go up by P0.65 to P1.05 per liter; while diesel will have heftier increase of P0.80 to P1.20 per liter.

For kerosene, which is the other fuel commodity with weekly price swings, the calculated increase on its price had been placed at P0.60 to P1.00 per liter.

If referenced solely on the three-day outcome of trading as indexed on the Mean of Platts Singapore (MOPS), the estimated price adjustments had been at P0.667 per liter for gasoline; P0.813 per liter for diesel; and P0.602 per liter for kerosene products.

The oil companies indicated that while an upward swing in prices is already apparent, the final figure could still change because there’s still remaining two days of trading in the international market.

Prior to this forthcoming round of adjustment, a monitoring report of the Department of Energy (DOE) has shown that price adjustments since the start of the year still posted net increases of P5.85 per liter for gasoline and P1.95 per liter for diesel products; while kerosene prices tracked a favorable trend with aggregate reduction of P6.35 per liter to-date.

Industry experts noted that new market fundamentals as well as geopolitical events had shifted market sentiments on the price escalation track, prompting international benchmark Brent crude to climb back to the level of $75 per barrel in recent trading days – that’s an ascend from below $70 per barrel base in the prior week.

In particular, it was emphasized that a huge ‘stimulus package’ is being unveiled by China so it can shore up its economic performance – and that is seen by traders as a development that can reinforce demand in the months ahead.

On top of that, higher prices in the global market had likewise been traced to fears of possible production shut-in due to the anticipated strike of hurricane Helene that may wallop oil-producing platforms in the US Gulf of Mexico.

Sources similarly cited that the newly intensifying Israel-Lebanon friction has been exerting added pressure on prices, hence, consumers may still expect price hikes at the pumps in subsequent weeks.