Prices of gasoline and diesel products increased for the fourth consecutive week.
Seaoil and Caltex increased per liter prices by P2.80 on gasoline, P1.30 on diesel and P0.45 on kerosene.
Jetti and Clean Fuel raised per liter prices by P2.80 on gasoline and P1.30 on diesel.
Today’s price movements were mainly a result of the combined effects of crude supply concerns in the Middle East, US economic growth as well as the expected higher fuel demand in China.
Data from the Department of Energy (DOE) as of January 23 showed Manila price per liter of gasoline (RON95) stood at P66.55, diesel at P61.15 and kerosene at P73.03.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P1.60 per liter for gasoline and P1.60 per liter for diesel. Kerosene is at a net decrease of P0.40 per liter.
Reuters reported that as of Friday last week, Brent crude futures rose 1.4 percent and settled at $83.55 per barrel while US West Texas Intermediate crude increased by 0.8 percent to $78.01 a barrel.
Analysts said in the report this week’s price increase was also driven by the evident supply concerns on crude.
The report also warned of further potential fuel supply disruption after a Ukrainian drone attack on an export-oriented oil refinery in southern Russia last week.
Despite various factors expected to push crude prices up, traders said the US central bank is still more likely to start its rate cuts in May and not in March which may weigh down crude future prices.
