After last week’s rollback, oil prices are up anew this week to reflect global price movements which were pushed by the International Energy Agency’s (IEA) 2020 higher demand forecast.
The Department of Energy pegged the latest average Manila price per liter of gasoline (RON95) at P48.80, diesel at P38.05 and kerosene, P37.47.
Seaoil adjusted the per liter prices of gasoline by P0.65, diesel by P0.30 and kerosene by P0.40.
PTT and Phoenix Petroleum also increased the cost of gasoline by P0.65 per liter and diesel by P0.30.
As of July 7, year-to-date adjustments on fuel prices amounted to a net decrease of P5.62 per liter for gasoline, P8.84 per liter for diesel and P13.39 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude was up 2 percent to $43.24 a barrel while US oil rose 2.4 percent to settle at $40.55 a barrel.
This was due to IEA’s adjustment of its demand forecast to 92.1 million barrels per day (bpd), which was 400,000 bpd more than its outlook last month.
However, analysts warned oil inventories remain bloated due to the weaker demand for fuel during the initial outbreak of the new coronavirus disease 2019.
US crude oil inventories rose by nearly 6 million barrels last week and have not met analysts’ forecasted decline.
The report also said brewing tension between the United States and China pressured prices.
China said it would impose reciprocal measures in response to US sanctions on Chinese officials over alleged human rights abuses against the Uighur Muslim minority.
