After two consecutive weeks of mixed movements, oil prices are up effective today, June 1.
Prices are pushed by strong economic data released by the United States as well as expectations of a rebound in global demand despite concerns on the possibility of more crude supply once Iran’s trade sanctions are lifted.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P51.20, diesel at P41.85 and kerosene, P47.89.
Pilipinas Shell, Caltex and Seaoil increased prices by P0.80 per liter of gasoline, by P0.40 per liter of diesel and by P0.25 per liter of kerosene.
Clean Fuel and Phoenix Petroleum adjusted the price of gasoline and diesel products upward by P0.80 per liter and P0.40 per liter, respectively.
As of May 25, year-to-date adjustments on fuel prices summed up to a net increase of P8.50 per liter for gasoline, P7.20 per liter for diesel and P5.85 per liter for kerosene.
Reuters reported that as of Friday last week, Brent settled at $69.63 a barrel, its highest close since May 2019 as US West Texas Intermediate crude ended at $66.32 per barrel.
The report said analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter during the summer travel season in Europe and the United States following widespread vaccination programs against COVID-19. – Jed Macapagal
