Local pump prices of petroleum products are up for the third consecutive week as an offshoot of the continuing unrest between Russia and Ukraine.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P58.45, diesel at P46.50 and kerosene at P54.34.
Seaoil and Caltex increased per liter prices by P0.90 of gasoline, P1.80 of diesel and P2.30 of kerosene.
PTT and Clean Fuel adjusted per liter prices of gasoline by P0.90 and diesel by P1.80.
The DOE said as of January 11, year-to-date price adjustments of petroleum products stand at a total net increase of P2.60 per liter for gasoline, P3.50 per liter for diesel and P2.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $86.06 a barrel while US West Texas Intermediate crude ended at $83.82 per barrel.
The report quoted analysts as saying that mounting tensions between Russia and Ukraine are greatly affecting global fuel prices with American officials voicing fears of possible attacks between the two parties if diplomacy fails.
Apart from the geopolitical tension between Russia and Ukraine, experts said the unresolved talks between Iran and the United States on reviving the 2015 nuclear deal is also a factor.
Current expectations suggest more global oil supply may be available if the US lifts sanctions on Iran.
However, the report also noted that global crude prices could have increased much higher if not for China’s plans to release oil reserves between January 31 and February 6 as part of a plan coordinated by the US with other major consumers to reduce global prices.
Petron Corp. said nearly all its stations that sustained damage in Visayas and Mindanao have been fully restored and are operational less than a month since the onslaught of typhoon Odette.
Petron said repair works are ongoing in few more stations in Bohol, Cebu and Siargao which are among the hardest hit areas by the typhoon but most stations are running despite power outages by using generator sets.
Petron added its terminals worked round the clock to meet the growth in demand which soared by almost 200 percent in some affected areas as it deployed additional tank trucks to accelerate delivery process and reach more customers. – Jed Macapagal