Local oil prices seen rising further

Local oil prices may continue to rise in view of the tensions in Syria.

The tensions have been pushing up international oil prices, which have surged by more than 15 percent over the last three months to more than $112 per barrel as of Wednesday.

In a statement issued Thursday, PTT Philippines cited news reports as stating that West Texas Instrument (WTI) advanced to $112.24, the highest since May 2011, while Brent oil climbed 0.7 percent to $115.16, which could rise to as high as $150 per barrel if the Middle East conflict disrupts supply.

“If the prices of crude oil in the international market would continue (to go up), a new round of oil price adjustment may be inevitable. However, let’s just hope that the volatile situation in Syria won’t escalate and spill over that may destabilize the Middle East which pumps one-third of the world’s oil,” said PTT Philippines spokesman Korawat Sungmongkol.

According to Sungmongkol, PTT Philippines is hoping that the rising prices of crude oil in the world market would only be temporary.

“Since we don’t have control over these developments overseas, what we can do is to continuously monitor the situation, hoping that there would be an immediate resolution to the impasse,” Sungmongkol said.

According to PTT, tensions in Syria have started to  weaken emerging market currencies. This was due to speculations of a US-led military strike on Syria.

PTT, along with other oil companies, last increased their pump prices on Aug. 27 to reflect the oil price movement in the world market.

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