Oil price movements are mixed to reflect developments in global crude costs which continue to be shaky due to the pandemic.
This was after price hike last week. The new round of price movements take effect today, July 21.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P47.84, diesel at P35.92 and kerosene at P37.87.
Petron, Seaoil and Pilipinas Shell decreased the per liter price of gasoline by P0.10 but increased the cost of kerosene by P0.15 per liter.
Meanwhile, no price movements were made for diesel products.
As of July 14, year-to-date adjustments on fuel prices summed up to a net decrease of P4.97 per liter for gasoline, P8.54 per liter for diesel and P12.99 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures fell by 23 cents to settle at $43.14 per barrel while US West Texas Intermediate crude went down by 16 cents to $40.59 a barrel.
It noted the erratic price movements were mainly due to the fact that fuel demand has broadly recovered from a 30- percent drop in April after several lockdowns were implemented globally with consumption remaining below pre-pandemic levels.
The Organization of the Petroleum Exporting Countries and its allies’ agreement to a record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd starting in August also was a factor in global crude pricing.
Last week, American energy firms also cut the number of oil and natural gas rigs operating to a record low for 11th consecutive week
