MANILA – Pump prices of petroleum products are expected to trek higher today, Tuesday, as oil companies implement their weekly adjustments based on developments in global markets, industry sources.
Global oil prices on June 13 spiked following reports of attacks on oil tankers in the Gulf of Oman.
Based on its monitoring of oil trading in the last four days, independent oil player Jetti Petroleum Inc. said the prices per liter of diesel may go up by P0.10 to P0.15 and gasoline by P0.35 to P0.40.
Another oil industry source expects diesel to increase by P0.22 per liter and gasoline by P0.46 per liter.
The numbers are based on the Mean of Platts Singapore (MOPS) and foreign exchange trading from Monday to Thursday, according to Jetti.
The local oil industry uses Mean of Platts Singapore (MOPS), the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.
The estimated price adjustment is still subject to change depending on Friday’s trading results.
Fuel firms usually announce price changes every Monday, and implement the adjustments on Tuesday.
Global oil prices settled 2.2 percent higher late last week after attacks on two oil tankers in the Gulf of Oman, which stoked concerns of reduced crude trade flows through one of the world’s key shipping routes, Energy undersecretary Felix Fuentebella told GMA News Online.
“The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce coverage for voyages through the region and additional shipping companies suspend new bookings,” Fuentebella said, citing analysts.
“The episode also fed fears of a new confrontation between Iran and the United States, which blamed Tehran for the incident,” he said.
The Gulf of Oman incident is on top of the trade war being waged by China and the United States, which is expected to weigh on economic activity, and therefore oil demand growth, in the world’s two largest economies, the Energy official noted.
Data from the Department of Energy showed diesel prices now ranged between P40.35 and P45.55 per liter, while gasoline prices range between P46.45 and P57.41 per liter. (GMA News)
