Oil prices are up anew after last week’s rollback on intensified tensions between Russia and Ukraine.
Seaoil and Caltex increased per liter prices of gasoline by P1.15, diesel by P1.10 and kerosene by P0.80.g
PTT and Jetti adjusted prices upward by P1.15 per liter on gasoline and P1.10 per liter on diesel.
Data from the Department of Energy (DOE) as of November 19 showed Manila price per liter of gasoline (RON91) stood at P55.85, diesel at P54.30 and kerosene at P71.35.
DOE data also showed adjustments for the year as of November 12 stood at a total net increase of P10.15 per liter for gasoline, P9.40 per liter for diesel and P1.20 per liter for kerosene.
Reuters in a report said as of last Friday, Brent futures rose 1.3 percent to settle at $75.17 a barrel while US West Texas Intermediate crude increased by 1.6 percent to end at $71.24 per barrel.
The report said Russia’s decision to step up its offensive against Ukraine last week, pushed global crude prices up.
Outgoing US President Joe Biden imposed new sanctions on Russia’s Gazprombank.
Russia said such sanctions are attempts by the US “to hinder the export of Russian gas” but expressed confidence a solution will be found to counter the move.
Global fuel prices were also booated by pronouncements of two of the world’s largest economies.
China, the world’s biggest oil importer, announced it will boost trade activities including support for energy product imports. India, the world’s third biggest oil importer, also announced its oil imports have increased due to higher domestic consumption.
Analysts said if not for the good performance of the US dollar, the increase in fuel prices could have been higher.
A stronger currency makes fuel more expensive in other countries which in turn, reduces demand.
On Monday, Brent crude futures fell 43 cents, or 0.57 percent, to $74.74 a barrel by 0705 GMT, while US West Texas Intermediate crude futures were at $70.73 a barrel, down 51 cents, or 0.73 percent.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and Britain following strikes by Kyiv on Russia using US and British weapons.
