Oil prices are up for the second consecutive week caused by better global crude costs supported by bullish economic data from the United States and Europe.
According to the Department of Energy, the increases that take effect today will bring the average Manila price per liter of gasoline (RON95) is at P46.50, diesel at P40 and kerosene, P45.84.
Shell, Caltex and Seaoil increased prices by P0.45 for gasoline, P0.35 for diesel and P0.65 for kerosene. Clean Fuel and PTT implemented adjustments of P0.45 for gasoline and P0.35 for diesel.
As of April 20, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P7.15 per liter for gasoline, P5.35 per liter for diesel and P4.30 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $66.11 a barrel while US West Texas Intermediate crude ended at $62.14 a barrel.
The report said the increase was mainly driven by Europe’s purchasing managers’ index data for April that showed a stronger-than-expected recovery as more regions begin easing of lockdowns with France reopening schools this week.
The report said the 13-month low new unemployment claims in the US was also a factor in the crude price increase.
However, analysts said the crude price movement is dragged by new lockdowns in India and Japan, the world’s third and fourth largest oil importers, respectively. – Jed Macapagal
