Oil prices up

After six consecutive weeks of rollbacks, local oil players implemented upward price movements effective today given the slight optimism in the global market after the American government reported a much smaller-than-anticipated rise in crude stocks.

According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P48.75, diesel at P39.37 and kerosene at P41.60.

Shell and Seaoil adjusted the prices of gasoline by P0.30 per liter, diesel by P0.20 per liter and kerosene by P0.35 per liter.

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Phoenix and PTT increased the cost of gasoline by P0.30 per liter and diesel by P0.20 per liter.

As of February 18, year-to-date adjustments stand at net decreases of P2.80 per liter for gasoline, P4.60 per liter for diesel and P5.94 per liter for kerosene, the DOE said.

Reuters reported that as of Thursday last week, brent crude futures were up by 19 cents and settled at $59.31 a barrel while the US West Texas Intermediate crude futures contract gained 49 cents to end at $53.78 a barrel.

The report noted that the US Energy Information Administration’s release of data showing crude inventories rose only 414,000 barrels last week, much less than the 2.5 million barrels expected build up, was the main factor for stronger prices.

China’s move to cut its benchmark lending rate apart from the sanctions slapped against Russian oil giant Rosneft’s trading unit, also caused an uptick in global crude prices.

However, more coronavirus cases and a first death in South Korea fanned fears of global pandemic as research suggested it could be more contagious than previously thought, has limited crude prices to surge more.

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