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Oil firms hike prices this week

By MYRNA VELASCO

As global prices consistently flirted within the $69 to $70 per barrel territory in last week’s trading, local oil companies will increase pump prices this week which is expected to financially torment Filipino consumers anew.

Calculation of oil companies showed gasoline prices will likely rise by P1.15 to P1.25 per liter while diesel will go up by P0.80 to P0.90 per liter.

For kerosene, which underpins the fuel needs of the aviation sector and also a widely used commodity among households, it is estimated to go up by P0.85 to P0.95 per liter.

Oil companies are expected to adjust their prices Tuesday and will anchor the movement of their pump prices on cost swings hinged on the Mean of Platts Singapore (MOPS), since most of the industry players are importers of finished petroleum products.

This latest oil price hike followed a very interim rollback last week when consumers were also told to expect increases in the coming days.

Based on the monitoring of the Department of Energy (DOE), the year-to-date adjustments in Philippine oil prices have totaled P6.10 per liter for gasoline, P5.35 per liter for diesel, and P4.50 per liter for kerosene.

As noted by experts, the rally in oil prices in the world market was largely precipitated by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its ally-producers to keep production cuts, instead of them relaxing output quotas.

The global oil producers indicated that the “continued economic uncertainties” due to the unabated adverse impact of the pandemic prompted them on that decision, although they will be revisiting that on their scheduled meeting on April 1.

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Written by Tempo Desk

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