Oil price movements mixed

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    Local oil players implemented another round of mixed adjustments in the cost of petroleum products as members of the Organization of the Petroleum Exporting Countries (OPEC) comply with production cuts.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P48.55, diesel at P33.75 and kerosene at P36.86.

    Petron, Shell and Seaoil raised per liter prices of diesel by P0.25 of diesel and of kerosene by P0.20 but cut the price of gasoline by P0.25.

    PTT increased the price of diesel by P0.25 per liter and cut that of gasoline by P0.25 per liter.

    As of October 13, year-to-date adjustments on fuel prices summed up to a net decrease of P4.42 per liter for gasoline, P10.26 per liter for diesel and P13.64 per liter for kerosene.

    Reuters reported that as of Friday last week, Brent crude futures settled at $42.93 a barrel while US West Texas Intermediate crude futures ended at $40.88 a barrel.

    The report said the increase was fuelled by reports of OPEC and its allies’ 100 percent compliance in the production cut for September.

    However, the increase was tempered by fears of a prolonged second wave of the pandemic and a possible jump in Libyan oil output to push the market into another surplus next year.
    OPEC is keen on easing its current supply cuts of 7.7 million barrels per day by 2 million bpd in January. – J. Macapagal