Firms increase oil prices

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    After last week’s brief price rollback, local oil players have increased the cost of petroleum products after the Organization of the Petroleum Exporting Countries (OPEC) announced that their total oil output has fallen in November.

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P51.70, diesel at P41.90 and kerosene at P48.23.

    Shell and Seaoil raised the per liter prices of gasoline by P0.30, P0.65 for diesel and P0.50 for kerosene.

    Phoenix Petroleum adjusted prices upward by P0.30 for gasoline and P0.65 for diesel.

    As of November 19, year-to-date adjustments stand at a net increase of P6.72 per liter for gasoline, P3.26 per liter for diesel and P0.54 per liter for kerosene, the DOE said.

    Reuters reported that as of last Friday, brent crude futures settled at $62.43 a barrel while West Texas Intermediate futures ended at $55.17 a barrel.

    The report cited OPEC’s announcement that it only pumped an average of 29.57 million barrels per day (bpd) for November, down by 110,000 bpd from October’s figure, which has supported global crude prices.

    This development is expected to inspire the group to decide to further extend the oil production cuts during their upcoming meetings this week amid forecasts of excess supply in 2020.

    Notably, 11 OPEC members bound by the agreement, which for now runs until March 2020, have exceeded the pledged cuts, with compliance rising to 152 percent in November from 135 percent in October.