Prices of petroleum products are up this week after a rollback last week on negative sentiments arising from the conflict in the Middle East as well as the elections in key economies.
Seaoil and Caltex raised per liter prices by P0.20 on gasoline and P0.50 on diesel and kerosene.
Jetti adjusted prices upward by P0.20 per liter on gasoline and P0.50 per liter on diesel.
Data from the Department of Energy (DOE) as of October 15 showed Manila price per liter of gasoline (RON91) stood at P57.90, diesel at P54.10 and kerosene at P71.63.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P9.05 per liter for gasoline, P6.75 per liter for diesel and a net decrease of P2.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $76.05 a barrel while US West Texas Intermediate crude ended at $71.78 per barrel.
The report said investors globally are piling into the US dollar and betting on rising volatility ahead of the November 5 American elections.
Other factors affecting current global crude prices include the upcoming elections in Japan as well as the scheduled decision of three major central banks on interest rates and the United Kingdom’s government presentation of its new budget.
The report added traders are waiting for Israel’s response to an Iranian missile attack last October 1.
Investors fear Israel’s response may involve strikes on Tehran’s oil infrastructure. Reports suggest Israel may opt to attack Iran’s military rather than target the country’s nuclear and oil facilities.
