Local oil retailers raised their prices effective today after a rollback last week.
Caltex and Seaoil increased per liter prices by P0.40 on gasoline, P1.50 on diesel and P1.25 on kerosene.
Clean Fuel adjusted per liter prices upward by P0.40 on gasoline and P1.50 on diesel.
Today’s adjustments were mainly attributed to renewed expectations of higher fuel demand in China after it announced better economic data for February.
Department of Energy (DOE) data as of February 28 showed latest average Manila price per liter of gasoline (RON95) is at P62.45, diesel at P62 and kerosene at P72.48.
Year-to-date adjustments stood at a total net decrease of P2.40 per liter on diesel and P2.30 per liter on kerosene but still a net increase of P5.30 per liter on gasoline.
Reuters reported that as of Friday last week, Brent crude futures settled at $85.83 a barrel while US West Texas Intermediate crude futures ended at $79.68 per barrel.
The report said the trading price of crude oil went up after China, the world’s top oil importer, announced a more ambitious 6-percent growth target for the year.
It added that if not for the rise in US crude inventories by 1.2 million barrels during the fourth week of February, the price increase could have been higher. – Jed Macapagal
