According to the estimates of the oil companies, gasoline prices will be rising by P1.45 to P1.55 per liter while pump costs of diesel products will increase by P1.80 to P1.90 per liter.
The price adjustments at the domestic petroleum pumps will be due on Tues., Jan. 25, and it will be primarily reckoned on the Mean of Platts Singapore , the widely adopted pricing reference of the deregulated downstream oil sector. Last week, global benchmark Brent crude surged close to $88 per barrel, on continued concern over supply flow into market, with experts noting the dwindling spare capacity of the Organization of the Petroleum Exporting Countries and ally-producers , including that of Russia.
Given the incessant four-week rise in international oil prices, investment banks like Goldman Sachs and Morgan Stanley came out with recent projections that oil prices may hit the $100 per barrel mark this year.
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