Oil companies yesterday announced mixed price movements that will take effect today after two straight weeks of rollback.
Caltex and Seaoil increased per liter prices by P1.40 on gasoline but cut per liter prices by P0.50 on diesel and P0.35 on kerosene.
Cleanfuel and Phoenix Petroleum adjusted per liter prices on gasoline upward, by P1.40, but downward on diesel, by P0.50.
Today’s adjustments were attributed to the easing of the US dollar while supply risks continue amid fears of global recession and China’s continuing pandemic outbreaks.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) stood at P68.20, diesel at P79.10 and kerosene, P83.98.
The DOE added as of November 2, year-to-date adjustments on the prices petroleum products stood at a total net increase of P15.85 per liter for gasoline, P36.80 per liter for diesel and P28.95 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures ended up at $96.51 a barrel while US West Texas Intermediate crude futures settled up at $90.11 per barrel.
The report also quoted Warren Patterson, ING head of commodities strategy the increasing negative market outlook is providing “strong headwinds” to the oil market with the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia’s decision to cut production as the only reason why prices have not gone down a lot more than expected.
Patterson said OPEC’s cuts have provided some stability to the market but only for the “short term” but may still change once the European Union’s ban on Russian oil comes into force next month for crude and in February for refined products.
