Local fuel companies hiked the cost of diesel and kerosene after three straight weeks of price rollbacks on all petroleum products.
No price movements were made on gasoline products.
Seaoil increased per liter prices by P0.30 on diesel and P0.65 on kerosene.
Jetti and Clean Fuel also adjusted per liter prices upward by P0.30 of diesel.
Today’s price hikes come ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies this week to decide on production cuts for next year.
Data from the Department of Energy (DOE) as of November 21 showed Manila price per liter of gasoline (RON95) stood at P64.65, diesel at P59.35 and kerosene at P72.46.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P12.30 per liter for gasoline, P5.70 per liter for diesel and P1.09 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $80.58 a barrel while US West Texas Intermediate crude ended at $75.54 per barrel.
The report said OPEC and its allies are likely to extend existing production cuts even if the group has delayed its meeting this week from its earlier agreed schedule last week.
Reports of a positive near-term economic outlook in China also helped push oil prices up.
However, analysts saidprice increases could have been higher if not for the increased level of American crude stockpiles and poor refining margins due to weaker demand from US refineries.
The dim longer-term economic outlook in China also tempers the jump in crude prices as experts expect oil demand growth in the world’s largest crude importer to weaken to about 4 percent in the first half of 2024 as the sluggish property may pull down demand for diesel. -Jed Macapagal
