After last week’s rollback, oil prices are up anew as global prices hit three month-high.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P53.69, diesel at P42.45 and kerosene at P46.77.
Shell and Seaoil adjusted the prices of diesel and kerosene upward by P0.40 per liter and P0.60 per liter, respectively. Prices of gasoline of these brands are unchanged.
The DOE said as of December 11, year-to-date adjustments stand at a net increase of P6.47 per liter for gasoline, P3.76 per liter for diesel and P0.61 per liter for kerosene.
Reuters reported that Brent futures gained $1.02 or 1.6 percent higher to settle at $65.22 a barrel while US West Texas Intermediate crude rose 89 cents or 1.5 percent higher to $60.07. Both contracts settled at their highest since September 16.
The report said progress in resolving the US-China trade dispute and a decisive general election result in Britain were major factors in the positive global price movement.
The report also mentioned that Britain’s ruling Conservative Party’s win has defined the country’s final decision on Brexit which has removed uncertainties.
Another factor cited in the price movement was the Organization of the Petroleum Exporting Countries and its allies’ decision to cut production until March next year and further it at 500,000 barrels per day starting January 1.