Of special concern is the need to add adequate coking and desulphurization capacity to convert the average gravity and sulphur content of the world's crude oil to the lighter and sweeter needs of product markets, which are increasingly dominated by transportation fuels that must meet ever-more stringent environmental requirements.
This is a stark contrast from 2018 when inflation was pushed beyond the target range to average at 5.2 percent. Looking ahead, we expect inflation to remain on a target-consistent path for 2019 and 2020. BSP’s latest baseline forecasts indicate that inflation is projected to average 2.6 percent this year and 2.9 percent next year and 2021.