After last week’s mixed price movements, local oil players are implementing a hike in the cost of petroleum products today, July 28, to reflect developments in global crude costs which recovered after positive economic data from Europe and the United States.
According to the Department of Energy , the latest average price per liter of gasoline (RON95) is at P47.74, diesel at P35.92 and kerosene at P38.02.
Seaoil adjusted the per liter price of gasoline and kerosene by P0.30 and diesel by P0.25.
PTT increased prices of gasoline by P0.30 per liter and diesel by P0.25 per liter.
As of July 21, year-to-date adjustments on fuel prices summed up to a net decrease of P5.07 per liter for gasoline, P8.54 per liter for diesel and P12.84 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures rose 3 cents to settle at $43.34 a barrel while US West Texas Intermediate crude futures improved by 22 cents to end at $41.29 a barrel.
Analysts said the Euro zone business activity grew in July for the first time since the pandemic hit, a good indicator of the bloc’s economic health.
