Consumers are bracing for notable price hikes at gas stations in the coming week, with oil prices expected to surge by over P1.00 per liter across all fuel types.
Projections indicate increases ranging from P1.10 to P1.50 per liter for gasoline, P1.00 to P1.40 per liter for diesel, and P1.05 to P1.45 per liter for kerosene.
These calculations are based on the Mean of Platts Singapore (MOPS) pricing, forecasting respective hikes of P1.092, P1.027, and P1.085 per liter for gasoline, diesel, and kerosene. The final adjustments are subject to potential revisions by Friday, with two more settlement days left in the week.
The escalation in fuel prices is attributed to mounting geopolitical tensions, particularly in the Middle East, with heightened alerts in Israel against potential attacks from Iran, Hezbollah, and Houthis.
Meanwhile, international oil prices have surged due to concerns of a looming US economic recession, influencing market dynamics.
Market observers are closely monitoring updates from key entities like OPEC and the IEA for fresh supply-demand insights, shaping the trajectory of oil prices in the global market.
While consumers experienced a brief respite this week, the impending price hikes are expected to present financial challenges for Filipino households in the near future.
In popular tourist destinations like Boracay, the anticipated fuel price increases may impact local businesses that rely on transportation services and tour operators.
These businesses could face operational cost escalations, potentially leading to adjustments in pricing that may affect tourists’ travel expenses on the island.
The rise in fuel prices could also have broader implications on the tourism industry in Boracay, influencing travel patterns and visitor spending behavior.
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