Fuel companies are increasing their prices this week.
Seaoil increased per liter prices by P2.20 on gasoline, P1.40 on diesel and P1.30 of kerosene.
Clean Fuel, PTT and Jetti adjusted per liter prices upward by P2.20 on gasoline and P1.40 on diesel.
Today’s price movements were mainly a result of concerns on how Ukraine’s attacks on Russian refineries last week would affect global petroleum supplies.
Data from the Department of Energy (DOE) as of March 19 showed Manila price per liter of gasoline (RON95) stood at P72.06, diesel at P59.93 and kerosene at P73.29.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P5.55 per liter for gasoline, P3.70 per liter for diesel but a net decrease of P0.25 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures for May delivery settled at $85.43 a barrel as US crude settled at $80.63 per barrel.
The report said lower oil rig count in the US as well as the expected easing American interest rates also became a factor in pushing global crude prices up.
Analysts said if not for the reported possible ceasefire between Israel and Hamas at the Gaza Strip as well as the stronger performance of the US dollar, crude price increases could have been higher.
A stronger performance of the US dollar is seen as a bane for the oil industry as it makes oil more expensive for investors holding other currencies which in turn, could lower demand.
