After a rollback last week, oil prices are up anew as the new year opened with positive projections on fuel demand despite the continuing global threat of the new coronavirus disease 2019 and its Omicron variant.
Seaoil increased per liter prices by P1.85 on both gasoline and kerosene and by P2.40 per liter on diesel.
Clean Fuel and PTT adjusted prices of gasoline by P1.85 per liter and diesel by P2.40 per liter.
Reuters reported that as of Friday last week, Brent crude futures settled at $77.78 a barrel while US West Texas Intermediate crude futures ended at $75.21 a barrel.
The report also quoted analysts’ explanation that global oil consumption is not yet back to normal but already close to pre-pandemic demand levels, especially that prices are expected to rise further next year due to the recovery of the air travel industry.
However, experts said the outcome of the Organization of the Petroleum Exporting Countries alongside Russia and other allies’ meeting this week on whether to stick with the plan to add 400,000 barrels per day of supply next month may pull down crude prices. – Jed Macapagal
