Oil prices are up for the fourth consecutive week, following the Organization of the Petroleum Exporting Countries’ (OPEC) statement that US oil production output this year will still be limited despite rising global prices.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P54.90, diesel at P43.20 and kerosene, P48.75.
Seaoil and Caltex increased prices by P0.75 per liter for gasoline and by P0.70 per liter for both diesel and kerosene.
PTT and Clean Fuel also raised the prices of gasoline and diesel products by P0.75 and P0.70 per liter, respectively.
As of June 15, year-to-date adjustments on fuel prices summed up to a net increase of P10 per liter for gasoline, P8.55 per liter for diesel and P7 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $73.51 a barrel while US West Texas Intermediate ended at $71.64 a barrel.
The report cited OPEC’s claims that it will have more power to manage the global fuel market before a potential surge of American shale output can happen next year.
OPEC said based on numerous forecasts, the current sentiment is that US supply growth this year will be limited but can go up between 500,000 and 1.3 million barrels per day by next year. – Jed Macapagal
