Domestic oil prices on wild upswingThe price of diesel at the pumps is on wild upswing this week at P1.55 per liter, mainly due to unprecedented rally in oil prices in the world market. The price adjustments will be effective Tuesday (October 11) – either at 12:01 a.m. or 6:00 a.m. depending on the pricing change notice sent by the oil companies to their dealers. Domestic pump prices move on a weekly basis, typically following the movement of prices in the world market – using the outcome of previous week’s trading as benchmark. The harsh weather condition was seen temporarily cutting off oil imports flow along the hurricane’s path, hence, raising worries of probable supply break off. Some quarters, until this time, are still not convinced that the cartel of global oil producers would actually decide to cut production quotas.

Source: Manila Bulletin October 10, 2016 14:26 UTC