Oil retailers are implementing mixed price adjustments today after two consecutive weeks of increases on all petroleum products.
Seaoil and Caltex increased per liter prices by P0.55 on gasoline but reduced diesel by P0.95 and kerosene by P1.10.
Clean Fuel, PTT and Jetti adjusted per liter prices upward by P0.55 of gasoline but downward on diesel by P0.95 per liter.
Today’s mixed price movements were mainly caused by the effects of missile attacks between Israel and Iran amid the release of strong US retail sales data last week.
Data from the Department of Energy (DOE) as of April 16 showed Manila price per liter of gasoline (RON91) stood at P63.45, diesel at P63.70 and kerosene at P75.43.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P9.70 per liter on gasoline, P7 per liter on diesel and P2.25 per liter on kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $87.29 a barrel as US West Texas Intermediate crude contract for May ended at $83.14 per barrel.
The report said strong American retail sales data released by the Commerce Department caused the downward pressure on oil prices as it increased the likelihood of a longer higher interest rates in the US that may reduce demand for fuel.
However, upward pressures on crude oil were caused by the fact that missile attacks between Israel and Iran have not caused any damage especially for oil infrastructures.
Iran is currently the third largest producer in the Organization of Petroleum Exporting Countries (OPEC).
Rino Abad, director of the DOE’s Oil Industry Management Bureau, said at the Bagong Pilipinas Ngayon Public Forum yesterday the price rollback on diesel and kerosene products were not expected especially after what happened between Israel and Iran.
This after the International Energy Agency and of OPEC announced a possible lower fuel demand for the year.
Abad said this development triggered a “market correction” as there was no disruption after Israel and Iran countered each other’s missile attacks.