Oil price adjustments are mixed following last week’s big-time rollback.
Market sentiments are mixed as well due to the large buildup of crude stockpiles in the United States amid the possibility the conflict between Israel and Palestine could worsen.
Caltex raised per liter prices on gasoline by P0.55 but reduced prices of diesel and kerosene by P0.95 per liter.
Phoenix Petroleum, Clean Fuel, Jetti and PTT also adjusted per liter prices on gasoline upward by P0.55 and cut diesel cost by P0.95 per liter.
Data from the Department of Energy (DOE) as of October 12 showed Manila price per liter of gasoline (RON95) stood at P75.15, diesel at P66.17 and kerosene at P79.26.
DOE data also showed year-to-date adjustments as of the same period stood at a total net increase of P12.25 per liter for gasoline, P11.35 per liter for diesel and P5.94 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $90.89 per barrel while US West Texas Intermediate crude ended at $87.69 per barrel.
The report said the conflict in the Gaza Strip has little impact on global oil and gas supplies as Israel is not a big producer.
The report said traders are assessing how the conflict could escalate and affect supplies from nearby countries in the Middle East.
However, the upward influence to global oil prices of the ongoing aggression between Israel and Palestine was countered by the US’ release of data showing that its crude inventories for the first week of October rose by 10.2 million barrels to 424.2 million barrels.
The increase was much higher than analyst expectations of only around 500,000 barrels.
DOE Secretary Raphael Lotilla earlier warned that apart from the war in the Middle East, the upcoming winter in western countries may also push global fuel prices up. – Jed Macapagal
