Prices of petroleum products are up for the second consecutive week on global market movements following Saudi Arabia’s pledge to cut production.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P42.55, diesel at P37.25 and kerosene at P42.54.
Shell and Seaoil adjusted per liter prices upward by P0.85 of gasoline, P0.30 of diesel and P0.25 of kerosene.
PTT increased prices by P0.85 of gasoline and P0.30 of diesel.
In just two weeks to 2021, adjustments on fuel prices summed up to a net decrease of P0.45 per liter for gasoline, P0.30 per liter for diesel and P0.40 per liter for kerosene.
Reuters reported as of Friday last week, brent crude settled at $55.99 a barrel while West Texas intermediate crude futures ended at $52.24 a barrel.
The report said Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), pledged a voluntary oil output cuts of 1 million barrels per day (bpd) in February and March.
Earlier, the country has been in disagreement with other producers who already wants to boost output to prevent American shale companies from capturing more market share.
Likewise, the same report claim that analysts are already expecting a correction in oil prices in the coming months if fuel demand remains affected by the pandemic as restrictions on travel and other activities are still prevalent globally. – J. Macapagal
