Local pump prices of petroleum products increased for the fifth straight week mainly due to the ongoing geopolitical tensions in the Eastern Europe and the Middle East.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P63.35, diesel at P56.27 and kerosene at P58.34.
Seaoil increased per liter prices by P0.75 of both gasoline and diesel while kerosene was adjusted upward by P0.45.
PTT hiked per liter prices of both gasoline and diesel by P0.75.
The DOE said as of January 25, year-to-date adjustments on petroleum products stood at a cumulative net increase of P4.95 per liter for gasoline, P7.20 per liter for diesel and P6.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $90.03 a barrel while US West Texas Intermediate crude futures ended at $86.82 per barrel.
The report said for the year, prices have gained about 15 percent amid geopolitical tensions between Ukraine and Russia , the latter being the second-largest oil producer in the world apart from being a key natural gas supplier in Europe.
The report added threats to the United Arab Emirates of Yemen’s Houthi movement is also a factor in the continuing global crude price hikes.
However, analysts said the increase can only be dampened if the Organization of the Petroleum Exporting Countries and allies led by Russia will stick with the planned rise in its oil output target for March in the group’s meeting set tomorrow, February 2. – Jed Macapagal
