Price adjustments on petroleum products are mixed after last week’s across- the- board price hikes.
Seaoil and Caltex reduced per liter prices by P0.90 on gasoline but raised diesel and kerosene by P0.60 and P0.80, respectively.
Jetti and PTT adjusted per liter prices downward by P0.90 on gasoline and upward by P0.60 on diesel.
Data from the Department of Energy (DOE) as of May 28 showed Manila price per liter of gasoline (RON91) stood at P63.90, diesel at P59.45 and kerosene at P72.49.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P7.55 per liter for gasoline and P4.85 per liter for diesel but a net decrease of P1.05 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures for July delivery were at $81.62 a barrel while the August contract ended at $81.11 per barrel as US West Texas Intermediate crude futures finished at $76.99 for each barrel.
The report added the global oil market has been under pressure in recent weeks over the prospect of US borrowing costs staying higher for longer which is expected to limit demand for oil
Rino Abad, director of the DOE’s Oil Industry Management Bureau, said at the Bagong Pilipinas Ngayon Public Forum yesterday there is no oversupply nor undersupply of crude in the global market.
“Prices are a bit stable so we are not expecting large increases and decreases. That is what’s good for now, I hope there will be no fundamental cause for big-time effects,” Abad added.
