Oil prices are up for the third consecutive week effective today, May 4.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P50.30, diesel at P40.35 and kerosene, P46.49.
Shell, Caltex and Seaoil raised prices by P0.20 for gasoline and P0.35 for both diesel and kerosene. Clean Fuel implemented an adjustment of P0.35 on diesel products.
As of April 27, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P7.60 per liter for gasoline, P5.70 per liter for diesel and P4.95 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $67.25 a barrel while US West Texas Intermediate crude ended at $63.58 a barrel.
The report said current global fuel demand climate is mixed as consumption is rising in the United States and China while other nations including Japan and India have resumed lockdowns to control infections.
The Organization of the Petroleum Exporting Countries and its allies have agreed to continue a phased easing of oil production restrictions until July.
