Motorists will have yet another reason to make a beeline for their preferred gas stations, as an anticipated oil price hike next week threatens to undo the two consecutive rollbacks that have served as reprieves so far.
Expect to see long queues again at gas stations on the eve of the price adjustment
In its Facebook post dated April 21, fuel price watchdog PH Fuel Watch announced that gasoline prices for the week of April 26 could rise by as much as Php 2.83 per liter. Meanwhile, diesel is also expected to cost Php 4.34 higher for every liter at the pumps. PH Fuel Watch cited estimates from the Mean of Platts Singapore (MOPS) pricing basis that determines refined petroleum products in Southeast Asia.
Note that PH Fuel Watch already adjusted its predictions from its previous April 19 post, when it initially anticipated price increases to reach Php 3.15 per liter for gasoline and Php 4.54 per liter for diesel.
PH Fuel Watch's latest oil price advisory on its Facebook page
The impending price hike effectively undoes the meager savings that motorists managed to get in the weeks of April 5 and April 12, comprising a Php 3.30 per liter rollback for gasoline and Php 2.20 per liter price reduction for diesel.
A continuing factor in international oil prices has been the ongoing war between Russia and Ukraine, with member-countries of the European Union (EU) considering a ban on Russian oil imports. This plays a significant role as Russia supplies 7 million barrels of crude oil daily, or 7 percent of the world’s total supply.
Following COVID-19 lockdowns in Shanghai, China is slowly reopening its economy, increasing global demand for oil again
According to the Organization of Petroleum Exporting Countries (OPEC), no other nation currently has the capacity to match this output.
More recent developments across the globe are also having a hand in driving oil prices upward. China, the world’s biggest oil importer, is slowly getting its economy back on track after a surge in COVID-19 cases forced a lockdown in Shanghai, its largest urban center.
Political unrest in Libya, another oil exporter, has caused the shutdown of the country’s largest oil field in the Murzuq Desert. Along with blockades that have expanded to other facilities, this has resulted in an output loss of 550,000 barrels per day.
Keep an eye on important fuel price movements at Philkotse.com.