Local fuel companies raised the cost of petroleum products after two weeks of price rollbacks.

Seaoil, Caltex, Jetti and PTT increased per liter prices by P1.10 of gasoline and P0.20 of diesel.

No price movements were made for kerosene products.

Today’s fuel price movements were mainly caused by lower global crude supplies paired with the US Federal Reserve’s decision to cut interest rates.

Data from the Department of Energy (DOE) as of September 17 showed Manila price per liter of gasoline (RON91) stood at P54.80, diesel at P50.60 and kerosene at P68.03.

DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P4.85 per liter on gasoline, P1.75 per liter on diesel and a net decrease of P6.35 per liter on kerosene.

Reuters reported  as of Friday last week, Brent futures settled at $74.49 a barrel while US West Texas Intermediate crude futures settled to $71.92 per barrel.

The report said since the US central bank  cut interest rates by half a percentage point, the US dollar weakened and provided support to global crude prices,  and  also helped by the effects of the continuing geographical tensions in the Middle East.

The report said interest rate cuts usually boost economic activity and energy demand but its effects on crude prices were limited as some analysts are also worried about weakness in the US labor market.

Analysts also cited the current weak demand for fuel in China as a factor that limits the rise in global crude prices.

China is currently the biggest importer of petroleum globally.