Local retailers implemented mixed price adjustments after last week’s rollback.
Seaoil, Caltex, PTT, Clean Fuel and Jetti increased per liter prices by P0.10 on gasoline but reduced diesel prices by P0.10 per liter.
No price movements were made on kerosene.
Today’s price movements were mainly a result of the International Energy Agency’s (IEA) revised predictions of a tighter global crude market this year as it also raised its view on oil demand growth.
Tempering the increase on crude prices are worries on the possibility the US Federal Reserve will not cut interest rates as inflation remains above the 2 percent target.
Lower interest rates are seen to increase oil demand and boost economic activities.
Data from the Department of Energy (DOE) as of March 12 showed Manila price per liter of gasoline (RON95) stood at P72.35, diesel at P60.03 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 P5.45 per liter on gasoline, P3.80 per liter on diesel but a net decrease of P0.25 per liter on kerosene.
Reuters reported that as of Friday last week, Brent crude oil futures was at $85.33 a barrel while US West Texas Intermediate crude was at $81.09 per barrel.
The report said IEA’s latest forecast is that fuel demand will rise by 1.3 million barrels per day (bpd) this year, up by 110,000 bpd from last month’s forecast but still lower than the actual growth of 2.3 million bpd last year.
The IEA also said supply forecast this year is expected to rise by 800,000 bpd to 102.9 million bpd.
Other factors that pushed global crude prices up is the continued war between Russia and Ukraine as well as the effects of lower crude and gasoline inventories in the United States in the first week of March.
