Oil prices are up for the seventh straight week.
Seaoil increased per liter prices by P0.30 on gasoline, P0.70 on diesel and P0.80 on kerosene.
PTT, Phoenix Petroleum and Jetti also adjusted per liter prices upward by P0.30 on gasoline and by P0.70 on diesel.
So far, the seven straight weeks of oil price hikes on all petroleum products caused a total per liter increase of P9.15 for gasoline, P12.45 for diesel and P12.15 for kerosene.
This week’s adjustments are mainly caused by the surge in diesel prices in the United States due to the drop in the number of oil rigs and the effects of a fire that broke out at a refinery in Louisiana that disrupted supply chains.
Data from the Department of Energy (DOE) as of August 22 showed Manila price per liter of gasoline (RON95) stood at P74.40, diesel at P64.12 and kerosene at P79.26.
DOE data also showed year-to-date adjustments as of the same period amounted to a total net increase of P14.50 per liter for gasoline, P8.80 per liter for diesel and P5.84 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $84.48 a barrel as US West Texas Intermediate crude ended at $79.83 per barrel.
Analysts said the increase could have been much higher if not for the effects of weak US economic data and stronger performance of the dollar which makes oil more expensive for holders of other currencies.
US Federal Reserve chair Jerome Powell also said that further interest rate hikes may be needed to fight inflation which in effect, can slow down economic growth and reduce oil demand.
