Oil companies raised the cost of petroleum products for the fourth consecutive week, effectively erasing the decrease in fuel prices this year.
Seaoil increased per liter prices by P0.50 for gasoline, P4 for diesel and P2.75 for kerosene.
PTT, Clean Fuel, Jetti and Phoenix Petroleum also adjusted per liter prices upward by P0.50 for gasoline and P4 for diesel.
Today’s cost adjustment is the biggest increase for diesel price this year.
The price hike was mainly caused by the announcement of Russia and Saudi Arabia to extend supply cuts until September which further adds to concerns on global fuel supply.
Based on Department of Energy (DOE) data as of July 25, the Manila price per liter of gasoline (RON95) stood at P68.80, diesel at P57.15 and kerosene, P69.93.
DOE data also showed that price movements as of August 2 amounted to a total net increase of P3.10 per liter for diesel and P11 per liter for gasoline, while kerosene still saw a marginal net decrease of P0.10 per liter.
Reuters reported that as of Friday last week, Brent crude futures settled at $86.24 a barrel while US West Texas Intermediate crude ended at $82.82 a barrel.
The report noted Saudi Arabia’s decision to extend a voluntary oil production cut of 1 million barrels per day (bpd) until the end of September while also keeping possibilities for another extension, as Russia will also reduce its oil exports by 300,000 bpd next month.
Amid the production cut, experts said global oil consumption is seen to grow by 2.4 million bpd this year, but oil producing countries warned that additional output cuts may still happen and further push prices up.
