After five straight weeks of price rollbacks, local oil players are implementing mixed price movements effective today on optimism in the global market.
Analysts said the economic impact of coronavirus diseases (COVID-19) will be short-lived even the Chinese central bank is eyeing to provide stimulus.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P49.57, diesel at P39.47 and kerosene at P43.53.
Shell and Seaoil adjusted the prices of gasoline upward by P0.35 per liter but slashed the cost of diesel and kerosene by P0.10 per liter, respectively.
Phoenix increased the cost of gasoline by P0.35 per liter and decreased diesel by P0.10 per liter.
As of February 11, year-to-date adjustments stand at net decreases of P3.15 per liter for gasoline, P4.50 per liter for diesel and P5.84 per liter for kerosene, the DOE said.
Reuters reported that as of Friday last week, Brent crude rose 98 cents to settle at $57.32 a barrel, while US West Texas Intermediate futures gained 63 cents to settle at $52.05 a barrel.
The report cited that market sentiment improved as factories in China started to reopen and the government eased monetary policy.
However, the Organization of the Petroleum Exporting Countries and allied producers are still considering more production cuts, but Russia is still not decided if it will join in the planned expansion of output curbs.
American oil rigs increased for a second straight week, adding two and bringing the total to 678.
