Oil prices mixed on higher crude costs

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    After two consecutive weeks of rollbacks, oil players are implementing mixed movements in the cost of petroleum products effective today after global crude prices were affected by the recent statements of the Organization of the Petroleum Exporting Countries (OPEC).

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P51.15, diesel at P42.85 and kerosene at P49.28.

    Shell and Seaoil raised the prices of gasoline by P0.25 per liter but cut the prices of diesel by P0.10 per liter and kerosene by P0.40 per liter.

    Phoenix Petroleum, Total and PTT adjusted the prices of gasoline upward by P0.25 per liter and the cost of diesel downward by P0.10 per liter.

    DOE said as of October 8, year-to-date adjustments stand at a net increase of P5.61 per liter for gasoline, P4.22 per liter for diesel and P1.61 per liter for kerosene.

    Reuters reported that as of last Thursday, Brent crude futures ended up 1.3 percent at $59.10 a barrel while US West Texas Intermediate futures increased by 1.8 percent at $53.55 a barrel.

    The report quoted analysts as saying OPEC secretary-general Mohammad Barkindo’s signal that the group is serious in implementing efforts to stabilize prices without outright saying that they will extend the production cuts.

    A meeting between OPEC and allies including Russia will happen in December, the report said.