Oil companies are hiking pump prices of petroleum products after a rollback last week.
The price movement is attributed to the growing global crude oil demand despite the impact of the resurgence of the pandemic across the world.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P60.30, diesel at P44.95 and kerosene, P50.85.
Seaoil and Caltex increased prices by P1.05 per liter of gasoline, P0.80 per liter of diesel and P0.75 per liter kerosene.
Phoenix Petroleum adjusted prices of gasoline by P1.05 per liter and diesel products by P0.80 per liter.
As of July 27, year-to-date adjustments on fuel prices summed up to a net increase of P12.85 per liter for gasoline, P10.30 per liter for diesel and P8.70 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures for September rose by 0.4 percent to settle at $76.33 a barrel while US West Texas Intermediate crude futures increased by 0.5 percent to end at $73.95 a barrel.
The report cited analysts’ expectations that demand will not be severely affected despite rising cases of coronavirus infections in the United States, Asia and parts of Europe due to higher vaccination rates that would limit the need for stricter lockdowns.
The report also said India which was recently hit with a surge in infections has recorded a rapid rebound in gasoline consumption and industrial production. – Jed Macapagal
