Oil companies hiked their prices after four straight weeks of rollbacks.
Seaoil increased per liter prices by P0.70 of gasoline, P2.90 of diesel and P1.65 of kerosene.
PTT and Cleanfuel adjusted per liter prices upward by P0.70 of gasoline and P2.90 of diesel.
Today’s adjustments were mainly attributed to the Organization of the Petroleum Exporting Countries and the International Energy Agency’s forecast last week on the possibility of a rebound in global fuel demand by next year.
According to the Department of Energy (DOE) average Manila price per liter of gasoline (RON95) as of December 15 stood at P62.85, diesel at P65.65 and kerosene at P74.08.
DOE data as of December 13 showed year-to-date adjustments on prices of petroleum products stood at a total net increase of P13.25 per liter for gasoline, P24.60 per liter for diesel and P19.15 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $79.04 per barrel while US West Texas Intermediate futures ended at $74.29 a barrel.
The report said the increase could have been much higher if not for the continued fears of a looming recession and some central banks’ intention to fight inflation across Europe and North America.
Analysts said the shutdown of the Keystone pipeline due to the oil spill in Kansas is also pushing prices upwards. The pipeline delivers crude from Canada to US. – Jed Macapagal
