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Oil firms to increase pump prices

After a big-time rollback last week, oil companies will implement a price hike starting this morning.

In separate statements, Cleanfuel, Petro Gazz, Seaoil, and Shell said they will raise diesel prices by P0.20 per liter and P0.60 per liter in the prices of gasoline.

Seaoil and Shell will also increase kerosene prices by P0.55 per liter.

Juwai IQI Global chief economist Shan Saeed said the global oil market in 2020 and 2021 would remain “very volatile and fragile” as “macroeconomic stability becomes dubious and recovery looks questionable”.

“In my view, oil prices would meander around USD45 to USD55 per barrel in 2020 and prices would meander around USD50 to USD65 per barrel in 2021,” Saeed said.

He cited global developments that would impact the future of global oil prices, including performance of US currency that is heading for tail-end risk and deeper impact of geopolitics into the markets.

“Productions are possible as the Gulf Cooperation Council takes pressure from declining prices, while shale gas is totally bankrupt,” he added.

The Kuala Lumpur-based economist said that between June 2019 and June 2020, capital expenditure of oil industry players went down by USD100 billion to USD150 billion.

“It’s massive and illustrates a gloomy picture of the industry. Oil companies don’t have confidence in the outlook and cutting back on their investment expenditure,” he said.*PNA

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