Fuel retailers implemented mixed price adjustments after four straight weeks of rollbacks.
The mixed price movement was mainly caused by concerns of traders the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia will decide not to immediately boost production during a scheduled meeting this week.
Data from the Department of Energy (DOE) showed as of July 26, average Manila price per liter of gasoline (RON95) stood at P75.20, diesel at P77.75 and kerosene at P83.17.
Seaoil increased per liter prices on gasoline by P0.75 but cut diesel cost by P0.60 per liter and kerosene by P0.75 per liter.
PTT and Clean Fuel adjusted per liter prices upward by P0.75 on gasoline and downward by P0.60 on diesel.
The DOE said as of July 26, year-to-date price adjustments on petroleum products stood at a total net increase of P18.90 per liter for gasoline, P32.95 per liter for diesel and P28.05 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures contract for September settled at $110.01 a barrel, up by 2.7 percent while US West Texas Intermediate crude futures ended at $98.62 a barrel, a 2.3 percent improvement.
The report also noted stronger stock markets supported demand for oil. The weaker performance of US dollar also made petroleum cheaper for buyers with other currencies.
The report added investors await for OPEC’s August 3 meeting where the group is reportedly considering either to keep oil output unchanged for September or to implement only a modest increase.
Analysts said it would be difficult for OPEC to boost supply as many producers are struggling to meet production quotas and will likely disappoint the United States as American President Joe Biden himself visited Saudi Arabia last month hoping for a deal for the group to increase production. – Jed Macapagal
