Domestic pump prices may go up next week by as much as P2.05 per liter to reflect the ongoing volatility in world oil prices.
Jetti Petroleum president Leo Bellas said early price movement based on the first 3 days of Mean of Platts Singapore (MOPS) and foreign average (versus last week’s full-week average) showed a hefty oil price hike.
Mean of Platts Singapore (MOPS) is the average of daily oil product price assessments for Singapore-based oil products. Platts is a Singapore-based market wire service that is a division of S&P Global. MOPS is the benchmark used by the Philippine oil industry.
Bellas said diesel will likely go up by P1.85 to P2.05 per liter and gasoline by P1.30 to P1.50 per liter.
He said the primary drivers of the high global prices includes the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to delay plans to increase output.
He said reports that Iran could launch a retaliatory strike on Israel within days and the tight regional supply of gasoline and diesel due to reduced outflows from China and India also pushed up prices.
“The strong US dollar, due to US politics, also influenced prices. The Trump presidency could have an impact on oil prices (although it may go down if more tariffs are imposed on China because Chinese demand could go down; prices could go up if stricter sanctions are imposed on Iran and Venezuela that will lead to tighter supply),” Bellas said.
On Oct. 29, 2024, the oil companies implemented an increase of P0.20 per liter for gasoline and a rise of P0.50 per liter for both diesel and kerosene.
Year-to-date total adjustment of gasoline and diesel stands at a net increase of P8.75 per liter and P6.55 per liter, respectively.
On the other hand, kerosene has a total net decrease of P3.10 per liter.
