Oil prices are up for the fifth straight week for a cumulative per liter increase of P7.75 on gasoline, P11.55 on diesel and P10.65 onr kerosene.
This week, Seaoil raised per liter prices by P1.90 on gasoline, P1.50 on diesel and P2.50 on kerosene.
Phoenix Petroleum, Clean Fuel and Jetti adjusted per liter prices upward by P1.90 on gasoline and by P1.50 on diesel.
Today’s adjustments were mainly caused by the International Energy Agency’s (IEA) forecast of a record global demand for fuel amid tightening crude production.
Data from the Department of Energy (DOE) as of August 8 showed Manila price per liter of gasoline (RON95) stood at P71.40, diesel at P64.65 and kerosene at P76.05.
DOE data also showed year-to-date adjustments as of the same period amounted to a total net increase of P11.50 per liter for gasoline, P7.10 per liter for diesel and P2.60 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $86.81 a barrel while US West Texas Intermediate crude futures ended at $83.19 per barrel.
The report said the IEA estimates global oil demand reached a record 103 million barrels per day in June but that this could peak again this month even as crude output cuts from Saudi Arabia and Russia have been pushing oil prices up.
Last week, the Organization of the Petroleum Exporting Countries also retained its projections that global oil demand can rise by 2.44 million barrels per day this year.
Other developments that became factors in the price increase also include traders’ sentiments that the US Federal Reserve is nearing the end of its aggressive rate hikes as supply cuts and an improving economic outlook have also created more optimism among investors.
The report added that at present, the only factor that may pull down global crude price is China’s mixed economic data as the world’s biggest buyer of fuel experienced a 14.5 percent drop in overall exports for the month of July. – Jed Macapagal
