Published
By Myrna Velasco
Prices of gasoline
products at the pumps will go up next week by roughly P1 to P1.10 per liter,
while diesel prices are anticipated to increase by P0.60 to P0.70 per liter.
This is based on the
calculation of the industry players on the outcome of the four-day trading in
the international market last week.
Next week’s price
increase follows a rollback that had given consumers some financial relief last
week – after they shouldered additional excise taxes also on petroleum
products.
On the expected
adjustments, the oil companies are expected to announce the upward price
movements starting this weekend until
Tuesday, February 12 –
now being their routine on enforcing cost swings.
Prior to this round of
increases, the prices of gasoline products in Metro Manila have been at the
range of P42.10 to P56.39 per liter; while diesel prices were at P37.10 to
P46.82 per liter, according to the monitoring report of the Department of
Energy.
For kerosene, which is another prime commodity used by households and key
industries, last week the price ranged from P42.97 to P51.30 per liter.
Prices in the world
market have been very volatile in recent weeks – either due to an array of
geopolitical factors as well as economic factors.
After leveling off at
the US$59 per barrel the past week, benchmark Dubai crude climbed to more than
US$62 per barrel in recent trading days.
Since last week, the
global oil market watchers have been keeping track of the move that the United
States will be taking on its threat of sanctions’ imposition on Venezuelan oil
due to political pressure relating to the recognition of the latter’s recent
elections’ outcome.
The portended global
economic slowdown, as well as the trade dispute between the United States and
China, are being seen as continually exerting upward pressure on international
oil prices.
Meanwhile, Reuters reported from Singapore yesterday that oil markets fell on
Friday, pulled down by worries over a global economic slowdown, although
OPEC-led supply cuts and US sanctions against Venezuela provided crude with
some support.
US West Texas
Intermediate (WTI) crude futures stood at $52.24 per barrel by 0641 GMT, down
40 cents, or 0.8 percent, from their last settlement. WTI dropped by around 2.5
percent the previous session.
International Brent
crude oil futures were down by 41 cents, or 0.7 percent, at $61.22 per barrel,
after falling 1.7 percent the previous session.
Weighing on financial
markets, including crude oil futures, were concerns that trade disputes
between the United States and China would remain unresolved, denting global
economic growth prospects.
US President Donald
Trump said on Thursday that he did not plan to meet with Chinese President Xi
Jinping before a March 1 deadline set by the two countries to strike a trade
deal.
No comments:
Post a Comment