Local oil companies hiked prices for the third consecutive week.
The adjustments were mainly caused by the United States’ announcement last week of new sanctions against Iran amid an already problematic global crude supply scenario.
According to the Department of Energy (DOE), as of June 14, the latest average Manila price per liter of gasoline (RON95) was at P85, diesel at P85.95 and kerosene at P92.12.
Caltex and Seaoil increased per liter prices by P0.80 of gasoline, P3.10 of diesel and P1.70 of kerosene.
Clean Fuel and PTT adjusted per liter prices upward by P0.80 of gasoline and P3.10 of diesel.
The DOE said as of June 14, year-to-date adjustments on petroleum products summed up to a net increase of P28.70 per liter for gasoline, P41.15 per liter for diesel and P37.95 per liter for kerosene.
The past three weeks, per liter prices have moved up by P5.65 for gasoline, P13.95 for diesel and P12 for kerosene.
At the Laging Handa public briefing yesterday, DOE Undersecretary Gerardo Erguiza Jr. said local prices were also influenced by the weakening peso against the US dollar.
Reuters reported that as of Friday last week, Brent futures settled at $113.12 a barrel while US West Texas Intermediate crude ended at $109.56 per barrel.
The report explained the increase was helped by the International Energy Agency expects demand to rise further next year and grow by more than 2 percent to a record 101.6 million barrels per day especially with the expected rebound in China’s oil demand as it eases pandemic restrictions.
Analysts said crude prices also shot up following the US’ decision to impose sanctions on firms from China, United Arab Emirates and Iran that help export Iran’s petrochemicals.
Another issue that supported prices is the announcement Libya’s oil production collapsed to a range of 100,000 to 150,000 barrels per day (bpd), a big fall from the 1.2 million bpd recorded last year.
But experts said the price increase could have been higher if not for traders’ fears that interest rate hikes by major central banks globally could slow the world economy and affect fuel consumption.
