Just slight hike in pump prices today

As the “speculation factor” continues to wobble global oil markets, pump prices in the Philippines are up again, but at “leaner amounts” compared to the big-time price hikes last week. As announced by the oil companies, the increase for gasoline products will be heftiest at R0.50 per liter this week; while upward adjustment for diesel had been at marginal R0.15 per liter. The price of kerosene products, generally a household commodity and a known base for aviation fuel, would be at R0.20 per liter. Price hikes will be effective 12:01 a.m. and 6:00 a.m. on Tuesday (August 30), according to the oil companies. So far, the “early birds” in their pricing adjustment advisories had been Eastern Petroleum, Seaoil Philippines and Flying V. The other players are expected to follow. Philippine pump costs typically swing based on pricing references from regional trading the week before – influenced generally by indices set by the Mean of Platts Singapore (MOPS) as well as the prices of benchmark crudes. (MMV)