An Increase In Fuel Prices Is Expected To Be Implemented Next Week
FUEL PRICE – The prices of petroleum products could hike next week according to sources in the industry’s statement last Friday.
Fuel price has huge impacts on people’s daily expenses. It affects almost everyone, from commuters, public vehicle drivers to private vehicle owners.
Recently, some oil companies announced a rollback to begin by June 4.
Now, an expected increase is being looked at by industry souces as oil companies are set to implement adjustments basing on the recent developments in the global market.
Oil prices globally, last Thursday, increased following reports of oil tankers being attacked in the Gulf of Oman.
Jetti Petroleum Inc. – an independent oil firm, the prices of their products may increase basing on their tracked monitoring of oil trades in the last few days.
They revealed that the prices of diesel might increase by P0.10 to P0.15. While gasoline products may have an increase of P0.35 to P0.40.
Another source from the oil industry revealed they expect diesel prices to increase by P0.22 per liter and gasoline prices may go up by P0.46 per liter.
Jetti claimed that these anticipated numbers are based on the Mean of Platts Singapore (MOPS) and data from the foreign exchange trading tracked from Monday until Thursday.
This is according to an article from MSN News.
The Mean of Platts Singapore is a being utilized by the local oil industry. It is a daily reported average of every transactions of petroleum products traders that are monitored, evaluated and summarized by Standard and Poor’s Platts.
Currently, the recent data from the Department of Energy (DOE) shows that diesel prices are now ranging from P40.35 to P45.55 per liter, while gasoline prices are about P46.45 and P57.41 per liter.
That is all there is to it, at least for now. We’ll post updates as soon as we got them.