Global oil markets have temporarily calmed down, hence, pump prices in the domestic market will just go up slightly next week, according to industry players.

oil pumps photo

Based on calculations from last week’s trading outcomes, the price of gasoline will likely rise by P0.25 to P0.35 per liter; diesel by P0.30 to P0.40 per liter; and kerosene by P0.15 to P0.25 per liter.

Next week’s anticipated marginal price hikes will be a respite from the last two weeks wherein heftier price upswings were shouldered by Filipino consumers in their fuel budgets.

International benchmark Brent crude had been relatively steady at the level of more than US$72 per barrel; while Dubai crude, which is the benchmark for Asian markets, had been hovering at US$69 per barrel.

Despite the relentless crashing pound of Covid’s Delta variant in many countries, international experts are projecting ‘bullish sentiment’ in the succeeding weeks with tighter supply seen reigning in oil markets.

They noted that the ‘supply disruption’ suffered by the US from hurricane Ida’s beating will have spillover effect in the coming days and may still impact on prices.

Another factor being monitored closely by industry experts would be oil market ramifications coming out of the ‘phone conversation’ that happened between US President Joe Biden and China President Xi Jinping on Friday (September 10), as that is seen paving the way for smoother US-China relations.

In the Philippine market, a monitoring report of the Department of Energy (DOE) showed that oil prices since the start of the year still logged net increases of P13.35 per liter for gasoline; P10.90 per liter for diesel; and P8.70 per liter for kerosene.

Two weather disturbances – severe tropical storm Jolina and typhoon Kiko – hammered various parts of the country this month, but the energy department assured Filipinos of sufficient oil inventory. ###

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Pump prices to go up slightly next week