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Slight hikes in fuel prices today

Pump prices are on slight adjustments this week, with the price of gasoline up by a very lean P0.20 per liter; while diesel prices had been down P0.10 per liter and kerosene by P0.15 per liter.

On the pricing advisory of the oil companies, this round of adjustment will still be effective either 12:01a.m. or 6:00 a.m. today (October 25).

As of press time, the oil companies that already adjusted prices include Pilipinas Shell Petroleum Corporation; and Eastern Petroleum Corporation.

The fundamentals of global oil markets, often having spillover effect on heavily import-dependent market like the Philippines, had seen the string of price hikes in the past several weeks but settled a bit in recent days.

With swings in developments, analysts and oil producers portend that the ‘era of down cycle’ in oil prices may finally be seeing its end.

Benchmark crude prices on average are now at $50 per barrel, already climbing substantially from a low of $30 per barrel early part of 2016.

Nevertheless, that is still far from the $100 per barrel that it had been at prior to the sudden price crash starting November, 2014.

Earlier set projections, primarily that of the Paris-headquartered think tank International Energy Agency (IEA), had set signals of oil prices moving uptrend gradually – likely hitting the $80 per barrel mark in the next five years.

By far, the decision of some members of the Organization of the Petroleum Exporting Countries (OPEC) to enforce production freeze had continually shored up sagging prices – and this had triggered markets seeing price upswings in recent weeks.