Another hefty fuel hike this week

Published November 28, 2020, 10:11 AM by Myrna M. Velasco
https://mb.com.ph/2020/11/28/another-hefty-fuel-hike-this-week/

Hefty price hikes of more than P1.00 per liter across products will distress consumers’ pockets next week, and this could further squeeze budgets that Filipino families would be allotting for the Christmas holidays.

Based on the initial calculation of the oil companies, gasoline prices will rise by P1.10 to P1.20 per liter; while diesel products will also go up by P1.05 to P1.15 per liter.

For kerosene, a commodity that is both essential for households and even as base fuel for certain industries, its price will go up by P1.10 to P1.20 per liter.

The upswing in prices in the international market had been generally instigated by positive news on developments for Covid-19 vaccine; which has been setting prognosis of near-term demand recovery in the sector, according to industry experts.

Market watchers are also keeping an eye on prospective decision of the Organization of the Petroleum Exporting Countries (OPEC) and its ally-producers to extend production cuts — that in turn could underpin continuing price gains for oil commodities.

In the domestic market, the Department of Energy (DOE) monitoring has shown that after last week’s cost movements, the net reduction in pump prices this year shrank further to P4.62 per liter for gasoline; P8.86 per liter for diesel; and P12.29 per liter for kerosene.