Price movements on oil are mixed on varying sentiments in the global market.
The adjustments were caused by the European Union’s (EU) unclear plans on the ban of Russian oil, the easing of lockdowns in China and the increased US oil refining outputs.
According to the Department of Energy (DOE), as of May 12, the latest average Manila price per liter of gasoline (RON95) stood at P78.30, diesel at P79.30 and kerosene at P80.87.
Seaoil increased per liter prices by P3.95 on gasoline but decreased per liter costs by P2.30 on diesel and P2.45 on kerosene.
PTT and Phoenix Petroleum adjusted per liter prices upward by P3.95 on gasoline. Both cut prices of diesel by P2.30.
The DOE said as of May 17, year-to-date adjustments of petroleum products stood at a total net increase of P21.60 per liter for gasoline, P31.40 per liter for diesel and P27.65 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures for July delivery ended at $112.55 a barrel as US West Texas Intermediate crude for June settled at $113.23 per barrel.
The report said China is keen on ending the prolonged city-wide lockdown by June even if the city continues to log new COVID-19 cases. The move is expected to boost energy demand in the world’s top importer of crude oil.
The EU is preparing a deal that will be amenable for all members regarding the ban on Russian crude imports: by helping the most dependent countries on Russian oil such as Hungary.
Analysts said all oil products could have experienced an increase if not for the above 95 percent capacity use on both the East Coast and Gulf Coast in the US. This is close to the highest possible running percentages.
