Published
By Myrna M. Velasco
With bellwether Dubai
crude breaching US$62 per barrel last week, prices at Philippine oil pumps will
be jacked up again this week by P0.90 per liter for gasoline; while a leaner
P0.55 per liter will be enforced for diesel products.
Kerosene, which is
typically intended for domestic use as well as a base for jet fuels, also went
up by P0.85 per liter this week.
As of this writing, the
oil firms that already increased pump prices include Pilipinas Shell Petroleum
Corporation, PTT Philippines, Total, Unioil, Seaoil, Jetti and Eastern
Petroleum effective 6:00am on Tuesday (February 12) which is their routine
adjustment timeframe. The rest of the industry players are anticipated to
follow.
The oil industry players initially anticipated price hikes of more than P1.00
per liter for gasoline; but Dubai crude softened to the level of US$61 per
barrel on Friday (February 7); hence, the slight downward adjustment compared
to preliminary expected price hikes this week.
Beyond Dubai crude
cost’s rise, last week was generally an upswing in global oil prices – even
with Brent crude rising by more than US$62 per barrel; while West Texas
Intermediate (WTI) which is the cost reference for the US market, hovered at
close to US$53 per barrel.
Industry experts have
been noting that several geopolitical factors were exerting pressures on
international prices –including the trade clash between the United States and
China.
In addition, the US is
contemplating imposition of sanctions on Venezuelan oil – and its tumultuous
political situation could then further cut the latter’s oil export volumes.
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