Oil prices up

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    After two consecutive weeks of rollbacks, fuel prices are up effective today.

    The increase was prompted by the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to gradually ease production cuts from May.

    According to the Department of Energy, the latest average Metro Manila price per liter of gasoline (RON95) is at P50.43, diesel at P39.25 and kerosene, P45.46.

    Shell and Seaoil increased prices by P0.65 for gasoline and P0.05 for both diesel and kerosene.

    PTT and Caltex implemented adjustments of P0.65 for gasoline and P0.05 for diesel as Clean Fuel raised prices for gasoline by P0.65 per liter.

    As of March 30, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P6.15 per liter for gasoline, P4.60 per liter for diesel and P3.50 per liter for kerosene.

    Reuters reported that as of Thursday last week, brent crude ended at $64.68 a barrel while US oil settled at $61.26 a barrel.

    The report said OPEC has decided to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and around 400,000 bpd by July.

    Analysts said with the deal, OPEC and its allies’ total reduction in output is at about 7 million bpd to support prices and reduce oversupply. Saudi Arabia on its own cut its output by 1 million bpd. – Jed Macapagal