Local fuel retailers have implemented another round of mixed price movements this week.
The adjustments were caused by the European Union’scontinued negotiations on whether to impose an outright ban on crude oil purchases from Russia.
According to the Department of Energy (DOE), as of May 20, the latest average Manila price per liter of gasoline (RON95) is at P77.90, diesel at P76.20 and kerosene, P77.71.
Caltex and Seaoil have loweredthe per liter prices by P1.70for gasoline but increased per liter costs by P1.20 for diesel and P2.45 for kerosene.
PTT and Clean Fuel have also adjusted per liter prices downward by P1.70for gasoline but upward by P1.20 for diesel.
The DOE said as of May 24, year-to-date adjustments of petroleum products stand at a total net increase of P25.55 per liter for gasoline, P29.10 per liter for diesel and P25.20 per liter for kerosene.
Reuters reported that as of Friday last week,Brent crude settled at $119.43 per barrel as US West Texas Intermediate crude ended at $115.07 a barrel.
The report detailed that prices drew support from strong worldwide demand for fuel, especially with the driving season in the US getting near.
Likewise, it mentioned that EU members are still negotiating a deal on Russian oil sanctions that would embargo shipment deliveries, but delay sanctions on oil delivered by pipeline to convince Hungary and other landlocked member states to agree.
Notably, Hungary’s resistance to oil sanctions and reluctance of other countries have held up the implementation of a sixth package of sanctions by the EU against Russia following its invasion of Ukraine. — Jed Macapagal
