Oil prices will rise again next week – Manila Bulletin
Oil prices will rise further next week
By Myrna M. Velasco
Spikes in pump prices will continue to put pressure on consumers’ pockets next week as gasoline and diesel product prices are expected to rise P 0.75-0.85 per liter on the basis of initial calculations by oil companies.
The price of kerosene, which is the other fuel in the triumvirate of weekly cost adjustments, is also expected to rise from P 0.85 to P 0.95 per liter.
Industry players will implement the new round of price hikes scheduled for Tuesday, September 21 based on the regional price swing referred to the Mean of Platts Singapore (MOPS) indices.
Global oil prices have rebounded to $ 75 a barrel in trading last week, according to global experts, mostly for international benchmark Brent – which followed reports of a levy of oil. 6.4 million barrels on US crude oil inventories.
Market watchers are also keeping an eye on the upcoming US Energy Information Administration (US-IEA) decision on a targeted subsequent drawdown of its fuel stocks – reports noting that there will likely be a higher volume of withdrawal. of its gasoline stocks.
The move by the United States, the world’s largest consumer of oil, was widely seen as a “ripple effect” of Hurricane Ida which triggered dilemmas of oil supply disruption due to the damage suffered. by offshore production platforms in the Gulf of Mexico.
Industry experts further reported that despite the Delta variant’s continued hammering on Covid infections, fuel demand in the United States has not declined in recent weeks, resulting in a tightening of the offer.
In the Philippine market, fuel consumption is strongly expected to follow an upward trend in the coming weeks due to the wider economic reopening imposed in the capital and other regions where infections with coronavirus had already subsided.
Based on the Department of Energy’s (DOE) monitoring report, year-to-date adjustments in national pump prices have consistently recorded net increases of 13.75 pesos per liter for gasoline; 11.25 P per liter for diesel; and 8.85 P per liter for kerosene.
This will already be the third time this month that prices will increase; with the first two price increases resulting in an overall increase of 0.90 P per liter in gasoline prices; P1.30 per liter for diesel; and 0.75 P per liter for kerosene products.
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