Oil prices are up for the fifth consecutive week, equivalent to a cumulative increase of P5.25 per liter on gasoline and P4.75 per liter on diesel.
This week, Seaoil and Caltex raised per liter prices by P0.75 on gasoline, P1.50 on diesel and P0.80 on kerosene.
Jetti, Clean Fuel and PTT adjusted per liter prices upward by P0.75 on gasoline and P1.50 on diesel.
Kerosene prices have only been increased the past two weeks.
Today’s price movements were mainly a result of the combined effects of a higher global economic growth forecast.
Data from the Department of Energy (DOE) as of January 30 showed Manila price per liter of gasoline (RON95) stood at P69.35, diesel at P62.20 and kerosene at P73.49.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P4.40 per liter for gasoline and P2.90 per liter for diesel. Kerosene is at a net decrease of P0.05 per liter.
Reuters reported that as of Friday last week, Brent crude futures settled at $77.33 a barrel while US West Texas Intermediate crude futures ended at $72.28 per barrel.
Analysts said this week’s price increase was mainly driven by the International Monetary Fund’s (IMF) move to raise its forecast for global economic growth. IMF also upgraded the outlook on the US and China, citing inflation is easing faster than earlier expected.
The report said prices of crude could have been higher if not for the reported ceasefire between Israel and Hamas and the more calm situation at the Gulf and Red Sea shipping lanes that previously affected routes of oil tankers.
It added the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is set to keep its output policy unchanged. The group will decide in March whether or not to extend the voluntary oil production cuts that are in place for the first quarter of the year.
OPEC previously implemented output cuts of 2.2 million barrels per day for the first quarter of 2024.
