Oil price adjustments were mixed yesterday after last week’s increase.
Seaoil and Caltex reduced gasoline prices by P0.10 per liter but raised per liter prices on diesel by P0.75 and on kerosene by P0.50.
Jetti cut prices of gasoline by P0.10 per liter and of diesel by P0.75 per liter.
Today’s price increases were mainly caused by the worsening tensions in the Middle East as well as record oil production in the United States last week.
Data from the Department of Energy (DOE) as of October 29 showed Manila’s price per liter of gasoline (RON91) stood at P57.60, diesel at P53.90 and kerosene, at P71.21.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P8.75 per liter for gasoline, P6.55 per liter for diesel but a net decrease of P3.10 per liter for kerosene.
Reuters said as of Friday last week, Brent futures settled at $73.10 a barrel while US West Texas Intermediate crude ended at $69.49 per barrel.
The report cited mounting possibilities of Iran’s supposed preparations to attack Israel from Iraq in the coming days.
Iran and Israel have been engaged in a series of retaliatory attacks since early this year.
Iran is allied with multiple groups that are currently fighting Israel. The country is also a member of the Organization of the Petroleum Exporting Countries (OPEC) that produced about 4 million barrels per day (bpd) of oil last year, based on data from the US Energy Information Administration (EIA).
The report added oil prices were also supported by expectations that OPEC and its allies could delay earlier plans to increase oil production starting in December on lingering concerns over global oil demand amid rising supply from other sources.
Prices have also been tempered as the US EIA said that oil drillers in the US pulled a record 13.5 million bpd of oil out of the ground last week.
