OIl prices are up for the second consecutive week caused by the decision of the Organization of the Petroleum Exporting Countries to continue with its plan to gradually restore production.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P52, diesel at P42.25 and kerosene, P47.94.
Petron, Caltex and Seaoil increased prices by P0.20 per liter of gasoline, by P0.55 per liter of diesel and by P0.60 per liter of kerosene.
Meanwhile, PTT and Phoenix Petroleum, adjusted the prices of gasoline and diesel products upward by P0.20 per liter and P0.55 per liter, respectively. Clean Fuel implemented an increase only for diesel products by P0.55 per liter.
As of June 1, year-to-date adjustments on fuel prices summed up to a net increase of P9.30 per liter for gasoline, P7.60 per liter for diesel and P6.10 per liter for kerosene.
Reuters reported that as of Thursday last week, Brent futures settled at $71.31 a barrel while US crude ended at $68.81 a barrel.
The report cited Saudi Energy Minister Abdulaziz bin Salman’s statements that a sustainable demand recovery in the United States and China is already present with the current pace of COVID-19 vaccine rollouts. – Jed Macapagal
