Oil companies raised their prices after two consecutive weeks of price drops.
The upward adjustment was attributed to positive economic data and robust fuel consumption in the United States that offset concerns that slowing economic growth in other countries will result in lower global fuel demand.
According to the Department of Energy (DOE), average Manila price per liter of gasoline (RON95) was at P72.85, diesel at P71.65 and kerosene at P78.77 as of August 16.
Seaoil raised per liter prices by P0.70 on gasoline, P2.60 on diesel and P2.80 on kerosene.
Phoenix Petroleum and PTT adjusted per liter prices upward by P0.70 on gasoline and P2.60 on diesel.
The DOE said as of August 16, year-to-date adjustments on prices of petroleum products stood at a total net increase of P17.45 per liter for gasoline, P29.10 per liter for diesel and P24.30 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $96.72 a barrel as US West Texas Intermediate crude ended at $90.77 per barrel.
Analysts said the price hike could have been higher if not for the strong performance of the US dollar which hit a five-week high last week and made oil more expensive for buyers in other currencies.
Reuters also quoted Haitham Al Ghais, the new secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), on his optimistic outlook for next year’s oil demand.
Al Ghais said Russia will remain as part of OPEC ahead of the scheduled meeting next month.
However, he warned supplies may tighten again when buyers from Europe start seeking alternative supplies to replace Russian oil ahead of European Union sanctions that is set to take effect from December 5. -Jed Macapagal