Local fuel players implemented a big-time oil price hike after five straight weeks of rollbacks.
Caltex and Seaoil increased per liter prices by P1.20 for gasoline, P6.85 for diesel and P3.50 for kerosene.
PTT and Phoenix Petroleum also adjusted per liter prices upward by P1.20 for gasoline and P6.85 for diesel.
Today’s hike was mainly attributed to the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision to make the largest supply cut since 2020 despite growing concerns on a possible recession and rising interest rates globally.
According to the Department of Energy (DOE), as of October 4, the average Manila price per liter of gasoline (RON95) was at P66.80, diesel at P71.25 and kerosene, P78.38.
The DOE also said as of October 4, year-to-date adjustments of petroleum products stand at a total net increase of P14.45 per liter for gasoline, P28.95 per liter for diesel and P23.25 per liter for kerosene.
Still, today’shefty price hike was not able to erase the collective decrease in the previous five weeks which totaled to P5.15 for gasoline, P8.85 for diesel and P9.95 for kerosene.
Reuters reported that as of Friday last week, brent futures settled at $97.92 a barrel while US West Texas Intermediate crude ended at $92.64 per barrel.
The report cited OPEC and its allies’ agreement to lower output target by two million barrels per day, which analysts fear may trigger the return of crude prices back to over $100 per barrel levels.
It added that OPEC’s decision also comes ahead of the European Union’s planned embargo on Russian oil that is expected to further squeeze supply in an already tight market. – Jed Macapagal
