Local oil retailers are implementing a big-time hike in the cost of petroleum products starting today after last week’s mixed price adjustments.
Four weeks into the new year, adjustments stood at a total net increase of P3.10 per liter for gasoline and P0.80 per liter for kerosene but a net decrease of P0.20 per liter for diesel
Seaoil increased per liter prices by P2.80 on gasoline, P2.25 on diesel and P2.40 on kerosene.
PTT and Clean Fuel adjusted per liter prices upward by P2.80 on gasoline and P2.25 on diesel.
Today’s adjustments were mainly attributed to China’s announcement of better economic prospects which is expected to boost fuel demand in the world’s largest fuel importer.
Data from the Department of Energy dated January 12 showed latest average Manila price per liter of gasoline (RON95) is P65.40; diesel, P63.70 and kerosene, P76.83.
Reuters reported that as of Friday last week, Brent crude settled at $87.63 a barrel as US crude settled at $81.31 per barrel.
The same report said apart from a more optimistic fuel demand from China, another factor that pushed crude prices up are the expectations the US Federal Reserve will soon implement smaller interest rate hikes which is a sign of a better American economic outlook.
Experts said US oil rig count which fell to 613 last week, the lowest since November 2022 and the ongoing price caps on Russian oil also support crude prices. – Jed Macapagal
