PUMP prices of petroleum products are expected to go up big time in the coming weeks as global prices shot up following the recent attacks on Saudi Arabia’s oil assets.
Based on oil trading from Sept. 16 to 18, the prices per liter of gasoline may go up by P2.59 and diesel by P1.89.
An oil industry source said the price of gasoline is expected to go up by P2.10 to P2.30 per liter and diesel by P1.60 to P1.80 per liter.
The price movements are a reflection of the Mean of Platts Singapore (MOPS). The local oil industry uses MOPS, the daily average of all trading transactions between buyer and seller of petroleum products as assessed and summarized by Standard and Poor’s Platts.
The estimates are subject to change, depending on results of trading Friday, Sept. 20.
Oil companies usually announce price adjustment every Monday of the week, to be implemented on Tuesday.
The drone attacks were expected to cut Saudi’s output by 5.7 million barrels per day or over five percent of the global oil supply, according to a statement from state-run oil company Saudi Aramco.
Oil prices surged to six-month highs on Monday, driving more worries over the geopolitical situation in the region, and worsening relations between Iran and the United States.
On Tuesday, local oil firms raised the prices per liter of diesel by P0.85, gasoline by P1.35, and kerosene by P1.00.
“Ito, aasahan natin na ngayon, tumataas na ‘yung presyo. Nagkaroon ng announcement and we will feel that next week,” Cusi said.
Data from the Department of Energy showed diesel prices range from P38.65 to P43.88 per liter, while gasoline prices range from P44.59 to P56.09 per liter.
Year-to-date adjustments stand at a net increase of P5.51 per liter for gasoline and P4.02 per liter for diesel, DOE data showed. (GMA News)
