Adjustments in oil prices are mixed for the second consecutive week effective today, May 25, influenced by global developments the past days.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P51.05, diesel at P41.60 and kerosene, P47.96.
Pilipinas Shell, Caltex and Seaoil increased prices by P0.15 per liter of gasoline and by P0.25 per liter of diesel but decreased by P0.15 per liter of kerosene.
Meanwhile, Clean Fuel adjusted the price of diesel products upward by P0.25 per liter.
As of May 18, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P8.35 per liter for gasoline, P6.95 per liter for diesel and P6 per liter for kerosene.
Reuters reported that as of Friday last week, brent crude futures settled at $66.44 a barrel while US West Texas Intermediate ended at $63.54 a barrel.
The report said the weather system that formed over the western Gulf of Mexico last week prompted traders to buy crude ahead of the weekend in anticipation of potential production shut-ins that pushed up prices.
Reports of Iran president, Hassan Rouhani claiming that the United States expressed its intentions to lift sanctions on his country’s oil, banking and shipping sectors have pulled down the crude price gains as traders feared that more supply will again be available for the world market.
The reports also sad American firms have increased their active oil and natural gas rigs for a fourth week in a row as higher oil prices prompted drillers to return to their activities. – Jed Macapagal
