AT A GLANCE
Long holiday-propped driving will have mixed price adjustments at domestic pumps this week.
Diesel will have a substantial rollback of P1.25 per liter.
Gasoline will have an increase of P0.45 per liter.
Kerosene will be reduced by P1.20 per liter.
Shell Pilipinas Corp., Seaoil and Cleanfuel have already announced their price adjustments. Competitor firms are expected to match the new price trends.
Prices for gasoline, diesel, and kerosene have increased since the start of the year.
Price swings in the world market have been affecting market sentiments.
Long holiday-propped driving will bring forth both cheers and misery to the consumers given the mixed price adjustments that will be implemented at the domestic pumps this week.
Based on the announcements of the oil companies, the price of diesel will have a substantial rollback of P1.25 per liter; but gasoline users are not as lucky, because that commodity will have an increase of P0.45 per liter.
For kerosene products, this will also be reduced by P1.20 per liter in this week’s round of cost movements, according to the pricing advisories of the industry players.
As of press time, the oil firms that already sent notices on their price adjustments effective Tuesday (Oct. 31) had been Shell Pilipinas Corp., Seaoil and Cleanfuel; while their competitor-firms are anticipated to match the new price trends.
Prior to this round of cost movements, a monitoring report of the Department of Energy (DOE) has shown that prices since the start of the year still logged net increases of P13.75 per liter for gasoline, P11.70 per liter diesel and P6.24 per liter for kerosene.
Price swings in the world market had been on constant seesaw last week due to confluence of factors affecting market sentiments, hence, the mixed adjustments manifesting at Philippine petroleum pumps this week.
The major circumstances that swayed outcome of commodities trading last week centered on intensifying geopolitical risks in conflict-ridden countries; as well as renewed concerns on probable slower economic rebound globally.
In particular, international industry players have been keeping closer watch on possible market impact of the lingering Israel-Palestine war; and any possible turn of events that oil-producing countries like Iran would be joining the fray.
As of Friday (Oct. 27) trading, the price of international benchmark Brent crude had climbed anew above $90 per barrel, which has been higher by more than $2.00 per barrel from $88 per barrel average price for most of trading days last week.
For an import-dependent economy like the Philippines, it will always need to fervently assess the inflationary impact of high oil prices – primarily on the costs of basic commodities and services; that in the process will not just be squeezing consumers’ pockets, but will also strain the operating processes of businesses.
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