Fuel price adjustments mixed

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Fuel companies are implementing mixed price adjustments effective today after last week’s hike.

Seaoil and Flying V announced it will raise  per liter prices by P0.45 on gasoline but will reduce diesel by P1.25 and kerosene by P1.20.

PTT and Jetti are adjusting per liter prices upward by P0.45 on gasoline but will cut diesel by P1.25 per liter.

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Today’s mixed adjustments were attributed  to the continuing tensions between Israel and Palestine and a rise in US crude inventories in the third week of October that indicated weaker fuel demand.

Data from the Department of Energy (DOE) as of October 24 showed Manila price per liter of gasoline (RON95) stood at P72.60, diesel at P66.52 and kerosene at P77.46.

DOE data also showed year-to-date adjustments as of October 26 stood at a total net increase of P13.75 per liter for gasoline, P11.70 per liter for diesel and P6.24 per liter for kerosene.

Reuters reported that as of Friday last week, Brent futures settled at $90.48 a barrel while US West Texas Intermediate crude ended at $85.54 per barrel.

The report also said  global crude prices are becoming volatile daily due to  the ongoing military attacks in the Gaza Strip and their likely effects in the movement of petroleum products from the Middle East.

Analysts said so far, events in the Middle East have not directly affected oil supplies but there are still fears of possible disruptions of exports from leading crude producers especially from Iran.

Traders also cite prospects for oil demand remain uncertain as American consumer spending surged in September but is expected to taper off by early next year. Some economists also believe the US Federal Reserve will no longer raise interest rates to fight inflation which in effect will slow down economic growth and reduce demand for fuel.

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