Oil companies are raising their prices effective today, May 11.
The fourth consecutive price increase is driven by positive economic indicators in China and the surge of new coronavirus disease 2019 (COVID-19) cases in India.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P50.50, diesel at P40.70 and kerosene, P46.84.
Petron, Caltex and Seaoil are raising prices by P0.75 for gasoline and P0.70 for both diesel and kerosene. PTT and Clean Fuel are hiking prices by P0.75 for gasoline products and P0.70 for diesel.
As of May 4, 2021, year-to-date adjustments have summed up to a net increase of P7.80 per liter for gasoline, P6.05 per liter for diesel and P5.30 per liter for kerosene.
Reuters in a report said as of Friday last week, Brent crude futures were at $67.97 a barrel as US West Texas Intermediate ended at $64.61 a barrel.
The report said China, the world’s biggest buyer of crude, improved in April to 40.36 million tons as gasoline demand in the US and parts of Europe are also faring well.
Analysts said the increase in the number of COVID-19 cases in India – the world’s third-largest oil importer and consumer – as well as the resurgence of the disease in Japan and inThailand had been holding back the industry for higher price recoveries. – J. Macapagal
