Oil firms hike prices this week

Credit to Author: Tempo Desk| Date: Sat, 12 Jan 2019 16:01:05 +0000

As crude prices inched up to $59 to $60 per barrel again in global trading, pump prices in the Philippines
are expected to rise heftily this week from P2 to P2.05 per liter for diesel products and P1.30 to P1.35 per liter for gasoline products.

Kerosene prices will escalate by P1.75 to P1.80 per liter.

According to industry players, the increase was based on the outcome of four-day trading in the international
market last week, and price increases may still change depending on the outcome of last Friday’s trading.

Bellwether Dubai crude climbed anew to $59 per barrel while Brent crude already crossed the $60 per barrel price range.

Rising prices in the world market are largely predicated on more bullish economic growth assumptions and the widely anticipated adherence of the Organization of the Petroleum Exporting Countries and its Russian-led ally on targeted production cuts.

This coming week’s inflated climb in prices is perceived ill-omened because this is also the main period when most of the gasoline stations will be enforcing the additional R2 per liter in excise taxes for gasoline and diesel products courtesy of the second tranche of the Tax Reform for Acceleration and Inclusion Act of the Duterte administration.

The oil companies are anticipated to implement the price hikes on Tuesday with some stations reflecting
both the actual increases in prices and the jump in excise taxes. (Myrna M. Velasco)