Oil prices up anew

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    After two straight weeks of rollback, fuel prices are up anew effective today, September 22, to reflect developments in the global crude market.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P47.75, diesel at P34.70 and kerosene at P35.11.

    Shell and Seaoil adjusted per liter prices by P0.60 of gasoline, P0.20 of diesel and P0.55 of kerosene.

    As of September 15, year-to-date adjustments on fuel prices summed up to a net decrease of P5.22 per liter for gasoline, P1.99 per liter for diesel and P15.39 per liter for kerosene.

    Reuters reported that as of Friday last week, Brent crude settled at $43.15 a barrel while US oil futures ended at $41.11 a barrel.

    This comes after the Organization of the Petroleum Exporting Countries (OPEC) pledged to crack down on countries that fail to comply with output cuts.

    OPEC announced last week it plans to hold an extraordinary meeting in October if oil markets weaken further.

    The group did not recommend any changes to its current output reduction target of 7.7 million barrels per day or around 8 percent of global demand but pressed Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction in May to July.

    Analysts said the price increase could have been higher if not for the restart of American offshore production after Hurricane Sally passed through the Gulf of Mexico and the slow economic recovery from the pandemic. – J. Macapagal