Local fuel retailers are implementing mixed price movements today after last week’s rollback.
Caltex and Seaoil raised per liter prices by P0.10 on gasoline but reduced diesel by P0.40 per liter and kerosene by P0.70 per liter.
PTT and Jetti adjusted per liter prices upward by P0.10 on gasoline but downward by P0.40 on diesel.
Today’s fuel price movements were mainly caused by the combined effects of possible ceasefire in Gaza as and the bigger-than-expected drop in American crude stockpiles for the week ending July 12.
Data from the Department of Energy (DOE) as of July 16 showed Manila price per liter of gasoline (RON91) stood at P64.15, diesel at P59.90 and kerosene at P74.74.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P10.25 per liter for gasoline, P8.15 per liter for diesel and P1.20 per liter for kerosene.
Reuters reported as of Friday last week, Brent crude prices settled at $82.63 a barrel while US West Texas Intermediate crude futures ended at $80.13 per barrel.
The report cited a report which quoted US Secretary of State Antony Blinken as saying a ceasefire between Israel and the Palestinian militant group Hamas is “within sight.”
The war between the two groups has led to high global crude prices as such tension threaten global supplies. Traders said if a ceasefire is reached, the Iran-backed Houthi rebels could also ease their attacks on commercial vessels in the Red Sea and further ease up supply chain issues.
The report also mentioned this week’s fuel prices were also affected by the surprise climb of the US dollar index.
A stronger dollar dampens demand for dollar-denominated oil from buyers holding other currencies.
