Mixed changes in oil prices take effect

    98

    After slashing prices for three consecutive weeks, oil companies are implementing mixed movements in the cost of fuel products effective today, November 12.

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P52.34, diesel at P43.40 and kerosene at P48.15.

    Shell and Seaoil increased the per liter prices of gasoline by P0.80 but decreased the per liter prices of diesel and kerosene by P0.15.

    Petron adjusted the cost of gasoline upward by P0.85 per liter but decreased the amount of diesel and kerosene by P0.15 and P0.10 per liter, respectively.

    PTT, Phoenix Petroleum and Total implemented a hike in the price of gasoline by P0.85 per liter but a decrease of P0.15 per liter for diesel.

    DOE noted that as of November 6, year-to-date adjustments stand at a net increase of P5.06 per liter for gasoline, P3.67 per liter for diesel and P0.86 per liter for kerosene.

    Reuters reported that as of last Friday, brent crude futures ended at $62.51 a barrel while West Texas Intermediate (WTI) crude settled at $57.24 a barrel.

    The report cited that the trade war between China and US has already been happening for 16 months which slowed economic growth around the world and prompted analysts to lower forecasts for oil demand which in turn raised concerns that a supply glut could develop next year.

    The Organization of the Petroleum Exporting Countries and its allies will meet again next month to review if they will stick with their planned production cuts until March next year.