Oil companies implemented another round of mixed adjustments in the prices of fuel products.
Seaoil increased per liter prices by P1.10 on gasoline but cut the cost of kerosene by P0.35.
Clean Fuel, PTT and Jetti adjusted per liter prices upward by P1.10 on gasoline.
No price adjustments were made on diesel products.
Today’s adjustments were mainly attributed to the United States’ tentative move to implement a debt ceiling as well as conflicting messages on crde supply from Russia and Saudi Arabia ahead of the policy meeting next month of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
Data from the Department of Energy (DOE) as of May 23 showed latest average Manila price per liter of gasoline (RON91) is at P58.80, diesel at P53.55 and kerosene at P67.28.
DOE data also showed year-to-date adjustments stood at a total net decrease of P5.05 per liter for diesel and P6.40 per liter for kerosene but a net increase of P5 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude settled at $76.95 a barrel while US West Texas Intermediate ended at $72.67 per barrel.
The same report said analysts fear the US may implement another Federal rate hike next month which in turn will result in lower fuel demand.
Experts also cited OPEC members’ clashing views regarding the group’s direction in terms of oil production cuts.
The report said Russia wants to leave the group’s current oil production volumes unchanged as it is content with current prices and output. However, Saudi Arabia earlier hinted of more possible output cuts. -Jed Macapagal
