by Myrna M. Velasco
Consumers will experience mixed oil price adjustments at the domestic pumps next week, as diesel will be on rollback, while gasoline and kerosene prices will increase, according to oil companies.
Based on the calculation of the industry players, diesel prices will be reduced by P0.40 to P0.70 per liter, while gasoline products will incur a price hike of P0.45 to P0.75 per liter.
Kerosene, which is the other essential commodity with weekly price adjustments, will have a price uptick of P0.35 to P0.65 per liter.
Oil companies will implement the price adjustments on Tuesday, Dec. 27, based on cost movements referenced on the Mean of Platts Singapore (MOPS); and this will already be the last one for the year.
A monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still posted net increases of P27.50 per liter for diesel; P13.95 per liter for gasoline; and P20.80 per liter for kerosene products.
In the initial trading days last week, market experts noted that international benchmark Brent crude stayed close to $80 per barrel, as there was relatively no new major development that could exert pressure on prices.
However, the pummeling of a winter storm in many parts of the United States triggered fresh round of rally in price pushing international benchmark Brent crude near the $84 per barrel territory as of Friday, December 23) trading.
The other factor being monitored closely by industry experts would be the enforcement of “money tightening measures” that major economies of the world would be pushing, especially with the lingering threats of economic recession hitting next year.
By 2023, the overall prognosis will be for oil markets to be continuously saddled with tight supply predicaments that will then trigger price escalations at the pumps.
For a heavily import-dependent economy like the Philippines, it will be left with no choice but to grapple with pricing volatility of oil commodities that will be coming into its shores.
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