The rally in global oil prices last week is raising probabilities that domestic pump costs may be in for upward adjustments this week, a reversal of the series of rollbacks implemented by the oil companies recently.

It comes as almost naturally-occurring consequence that when international prices would be on uptrend, domestic fuel products generally follow the price trail.

Consumers experienced momentary reprieve when oil prices skidded, given forecasts of longer economic slump stirred mainly by the recession troubles at Eurozone. But things are likely to change this week with other factors lifting up demand prospects.

Based on the oil industry’s monitoring, it was culled that Asian gasoline and diesel prices gained momentum in the past trading days. Gasoline prices in particular rose more than $3.00 per barrel for the benchmark 92 RON FOB at Singapore trading.

Both crude and spot diesel prices also gained momentum, hence, indicating that the only ‘saving grace’ for consumers to be spared from fresh round of upward adjustments would be competitive forces.

The local oil companies generally adjust their prices weekly, depending on supply and price dynamics in the international market.

Despite reports of excess capacity in the region, it was noted that bulk of the available supply, primarily for low sulfur diesel, are about to be cornered by India.