Prices of all fuel products in the country have increased the 10th straight week.
Caltex and Seaoil raised per liter prices by P2 on both gasoline and kerosene and by P2.50 on diesel.
Clean Fuel, PTT and Phoenix Petroleum adjusted per liter prices upward by P2 on gasoline and P2.50 on diesel.
Cumulatively, the 10 straight weeks of oil price hikes now amount to P11.85 for gasoline, P16.55 for diesel and P15.45 for kerosene.
Today’s adjustments were attributed to the continuing tightness in global crude supply due to Saudi Arabia’s production cuts as well as the positive expectations on demand for fuel from China.
Data from the Department of Energy (DOE) as of September 12 showed Manila price per liter of gasoline (RON95) was at P75.40, diesel at P66.30 and kerosene at P81.26.
The DOE data also showed year-to-date adjustments stood at a total net increase of P15.50 per liter for gasoline, P11.10 per liter for diesel and P7.94 per liter for kerosene, as of September 12.
Reuters reported that as of Friday last week, Brent crude futures settled at $93.93 a barrel while US West Texas Intermediate futures closed at $90.77 per barrel.
Rino Abad, director of the DOE’s Oil Industry Management Bureau, in a radio interview over the weekend said fuel price hikes may continue until December as global daily deficit now stands at 500,000 barrels due to the decision of the Organization of the Petroleum Exporting Countries and its members to cut crude production
Bong Suntay, an official of Clean Fuel and former president of the Independent Philippine Petroleum Companies Association, said prices on the Mean of Platts Singapore (MOPS) have hit 10- month high.
MOPS price represents the daily average of all trading transactions between buyers and sellers of petroleum products. Jed Macapagal
