Oil retailers implemented mixed price adjustments after two straight weeks of hike.
Seaoil increased per liter prices by P0.30 on gasoline and by P0.10 on kerosene but cut diesel cost by P0.40.
Clean Fuel adjusted per liter prices upward by P0.30 of gasoline but lowered diesel by P0.40.
Today’s adjustments were mainly attributed to the tightening of crude supplies due to the International Energy Agency’s (IEA) warning last week output cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) and other producers led by Russia, will cause an oil supply deficit and affect consumers.
Data from the Department of Energy (DOE) as of April 11 showed average Manila price per liter of gasoline (RON95) is at P65.65, diesel at P59 and kerosene at P70.38.
DOE data as of April 12 showed year-to-date adjustments stood at a total net decrease of P1.95 per liter for diesel and P3.45 per liter for kerosene but still a net increase of P8.65 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude futures settled at $86.31 a barrel. West Texas Intermediate crude futures ended at $82.52 per barrel.
The report said the IEA also expects global fuel demand to hit record high this year, mainly due to the recovery of Chinese consumption or by 2 million barrels per day (bpd) in 2023 to a record 101.9 million bpd.
The IEA sees global oil supply to fall by 400,000 bpd by the end of the year because of OPEC’s recent decision. -Jed Macapagal
