By Myrna Velasco
Gauging from the four-day outcome of trading in the world market, Philippine prices of petroleum products will be on mixed adjustments next week.
As preliminarily calculated by the oil companies, gasoline prices will likely be on a rollback of P0.20 to P0.30 per liter, while diesel may likely have an increase of P0.10 to P0.20 per liter; and kerosene prices could be up by P0.05 to P0.15 per liter.
The industry players noted that the estimated adjustments have not factored in the outcome of Friday (January 3) trading yet in the international market, when there was a sudden surge in prices because of the United States’ assault on Iran, the second largest oil exporter in the league of the Organization of the Petroleum Exporting Countries (OPEC).
The increases from the last tranche of the adjusted excise taxes in petroleum products courtesy of the Tax Reform for Acceleration and Inclusion (TRAIN) Act is also not expected yet by Tuesday (January 7), according to some oil firms and the Department of Energy.
Another factor that may push prices up in the coming days and weeks will be the cost impact of biofuels as blend to diesel and gasoline products; as well as the fluctuations in the value of the Philippine currency versus the US dollar.