Oil companies have raised pump prices of petroleum products for the second consecutive week as the Energy Information Administration announced that US crude oil stockpiles fell for the eighth straight week compared to a growing global demand.
The Department of Energy pegged the latest average Manila price per liter of gasoline (RON95) at P60.95, diesel at P45.25 and kerosene, P50.48.
Seaoil and Caltex increased prices by P0.10 per liter of gasoline and P0.30 per liter of both diesel and kerosene.
PTT also adjusted the prices of gasoline by P0.10 per liter and diesel by P0.30 per liter, as Clean Fuel only implemented changes in the cost of diesel by P0.30 per liter.
As of July 13, year-to-date adjustments on fuel prices summed up to a net increase of P13.50 per liter for gasoline, P10.60 per liter for diesel and P9 per liter for kerosene.
Reuters reported that as of Friday last week, brent futures settled at $73.59 a barrel while US West Texas Intermediate ended at $71.81 per barrel.
The report cited that US crude inventories fell by 7.9 million barrels in the week to July 9, far larger than the expected decrease of 4.4 million barrels.
However, analysts said the price increase could have been higher if not for Saudi Arabia and the United Arab Emirates’ compromise for the Organization of the Petroleum Exporting Countries with Russia and other producers to finalize a deal to increase production. – Jed Macapagal
