Following two weeks of price cuts, Filipino consumers will have their pockets pinched once again by hefty price increases in petroleum products this week.
As initially calculated by industry players, gasoline prices may increase by P0.95 to P1 per liter while the costs of diesel and kerosene may go up by as much as P0.75 to P0.80 per liter Tuesday.
These have been based on the outcome of four-day trading in the world market and the final price hikes could change depending on the outcome of last week’s Friday trading.
Prior to this anticipated new round of adjustments, the prevailing oil prices in Metro Manila as monitored by the Department of Energy were P45.25 to P62.26 per liter for gasoline; diesel, P40.70 to P48.25 per liter; and kerosene, P45.29 to P58.95 per liter.
Market fundamentals had been on recurring themes, but last week, fresh round of tension had escalated in the Middle East, which consequently had been viewed exerting pressures on the market, not just on supply but on price points.
Dubai crude, which is the pricing reference for Asian refiners, had gone higher to more than $71 per barrel last week after its fall to $69 per barrel in the past two weeks.
Brent crude as the major reference for global oil markets had been at more than $72 per barrel while West Texas Intermediate crude had been at a high of $62 per barrel. (Myrna Velasco)
