After last week’s rollback, fuel prices are up anew effective today (April 20) on stronger demand outlook and economic recovery signals in China and the United States which offset concerns on rising infections in other economies.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P46.75, diesel at P39.30 and kerosene, P45.46.
Shell and Seaoil raised prices by P0.60 for gasoline, P0.70 for diesel and P0.85 for kerosene.
Clean Fuel implemented an adjustment of P0.25 for gasoline.
As of April 13, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P6.55 per liter for gasoline, P4.65 per liter for diesel and P3.45 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $66.77 a barrel while US West Texas Intermediate crude ended at $63.13 a barrel.
The report said China’s 18.3 percent improvement in its first-quarter gross domestic product as well as the big increase in US retail sales and lower unemployment claims are major factors in the global crude price push.
The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) increased their forecasts for oil demand growth this year, citing the stronger-than-expected rebound in activity in China and the US.
Analysts are waiting for the possible effects of the easing of production cuts starting next month of some members of OPEC apart from the results of the group’s meeting next week. -J. Macapagal
