Oil companies are raising their prices for the third consecutive week effective today June 15 on improved outlook on global demand as vaccination rates continue to rise.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P52.20, diesel at P42.80 and kerosene, P48.46.
Seaoil increased prices by P0.50 per liter of gasoline, by P0.40 per liter of diesel and by P0.30 per liter of kerosene.
PTT and Clean Fuel, adjusted the prices of gasoline and diesel products upward by P0.50 per liter and P0.40 per liter, respectively.
As of June 8, year-to-date adjustments on fuel prices summed up to a net increase of P9.50 per liter for gasoline, P8.15 per liter for diesel and P6.70 per liter for kerosene.
Reuters reported that as of Friday last week, brent futures settled at $72.69 a barrel while US West Texas Intermediate ended at $70.91 a barrel.
The report cited the International Energy Agency’s statement the Organization of the Petroleum Exporting Countries and its allies would have to boost its output in order to meet the expected pre-pandemic levels of demand by the end of the year.
Meanwhile, American investment bank Goldman Sachs, warned that Brent crude prices may even reach $80 per barrel, in time for the summer months in the US.
Likewise, analysts from ANZ Research said that road traffic in North America and most of Europe already returned to pre-pandemic levels.
