Oil prices are up for the third consecutive week as global crude rose on hopes an American economic stimulus deal would support the market amid the pandemic.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P48.55, diesel at P32.50 and kerosene at P36.11.
Petron, Shell and Seaoil adjusted per liter prices of gasoline by P0.10 and of kerosene, by P0.20. Phoenix Petroleum increased the per liter cost of gasoline by P0.10 Diesel prices were unchanged.
As of September 29, year-to-date adjustments on fuel prices summed up to a net decrease of P4.42 per liter for gasoline, P10.71 per liter for diesel and P14.39 per liter for kerosene. Reuters reported as of Friday last week, Brent crude ended at $39.27 a barrel as US oil settled at $37.05 a barrel.
The report said progress on a bill providing $2.2 trillion worth of stimulus in the US supported oil prices worldwide as the move is expected to fuel oil demand.
Analysts said the price increase was tempered by the announcement that US President Donald Trump and his wife were tested positive for the new coronavirus disease 2019.
Increased supplies from Libya and Iran, the only members of the Organization of the Petroleum Exporting Countries that are exempted from the supply pact between the group and allies led by Russia, have alo contributed in tempering the price increase. – J. Macapagal
