Oil prices are up anew this week in anticipation of the possible effects of falling inventories in the United States amid strong demand from both China and India.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P59.20, diesel at P44.55 and kerosene, P49.86.
Seaoil and Caltex increased prices by P1.15 per liter of gasoline, P0.60 per liter of diesel and P0.65 of kerosene.
PTT and Clean Fuel adjusted the prices of gasoline and diesel products upward by P1.15 per liter and P0.60 per liter, respectively.
As of July 1, year-to-date adjustments on fuel prices summed up to a net increase of P12.35 per liter for gasoline, P10 per liter for diesel and P8.35 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude oil futures were up by 1.93 percent and ended at $75.55 a barrel while US West Texas Intermediate futures were up by 2.2 percent and settled at $74.56 a barrel
Reuters cited the US Energy Information Administration’s report that American crude and gasoline stocks fell amid the highest gasoline demand since 2019. US crude inventories fell by 6.9 million barrels in the week to July 2 to 445.5 million barrels, the lowest since February 2020
Analysts said the increase could have been much higher if not for fears that the Organization of the Petroleum Exporting Countries and its allies would be tempted to abandon output limits amid the falling American production. -J. Macapagal
