With hugely fluctuating prices in the entire world market, Filipino consumers would need to brace themselves anew for price hikes this week – with the cost of gasoline at the pumps anticipated to rise by P0.70 to P0.80 per liter. The expected price tag hikes for diesel products are seen hovering at P0.10 to P0.20 per liter, although industry players have cautioned that the initial calculation may still change based upon the outcome of Friday’s international trading.
Since the start of the year, prices at domestic pumps have been generally on the upswing trend mainly because of various geopolitical factors exerting pressure on international prices. And for an import-dependent country like the Philippines, it simply cannot do so much to shield its deregulated oil market from price volatilities. Given this inescapable scenario, the Department of Energy (DOE) is appealing to Filipino users to make use of energy efficiency as well as conservation to be able to stop getting their pockets ripped with the incessantly escalating prices at the pumps.
The Organization of the Petroleum Exporting Countries (OPEC) and then its allies, led by Russia, have been strictly adhering to their committed production cuts of 1.2 million barrels per day. Biggest oil producer Saudi Arabia is even really going deeper than its committed output cut, as it has taken upon itself to reduce output by as much as 336,000 barrels per day for March alone; and then may go as high as 635,000 barrels per day next month.