Oil companies raised prices t after five straight weeks of rollback with easing concerns on the impact of the Omicron coronavirus variant on the global economy and fuel demand.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P56.45, diesel at P47.82 and kerosene, P50.53.
Seaoil increased per liter prices by P1.60 of gasoline, P1.35 of diesel and P1.20 of kerosene.
Meanwhile, Clean Fuel and PTT adjusted prices of gasoline and diesel by P1.60 and P1.35 per liter, respectively.
As of December 7, year-to-date adjustments on fuel prices summed up to a net increase of P15.70 per liter for gasoline, P13.05 per liter for diesel and P10.49 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $75.15 a barrel while US West Texas Intermediate crude ended at $71.67 per barrel.
The report quoted analysts as saying traders are now more confident the Omicron variant will be manageable than expected with early studies suggesting that three doses of Pfizer vaccines can protect against the new variant.
However, the increase in crude prices could have been higher if not for the decreasing domestic air traffic in China due to owing tighter travel restrictions and weaker consumer confidence after repeated small outbreaks.
China is currently the world’s biggest oil importer. – Jed Macapagal
