Oil prices up anew

Oil companies hiked pump prices of fuel products for the fourth consecutive week due to fears that Hurricane Nicholas will again affect crude supply from the Gulf of Mexico.

According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P56.70, diesel at P44.20 and kerosene, P51.08.

Seaoil and Caltex increased per liter prices by P0.80 of both gasoline and diesel and P0.85 of kerosene.

Clean Fuel adjusted prices of gasoline by P0.65 per liter and diesel by P0.70 per liter.

As of September 14, year-to-date adjustments on fuel prices summed up to a net increase of P13.75 per liter for gasoline, P11.25 per liter for diesel and P8.85 per liter for kerosene.

Reuters reported that as of Friday last week, Brent crude futures settled at $75.34 a barrel while West Texas Intermediate crude futures ended at $71.97 a barrel.

The report said US crude inventories fell by a total of 6.4 million barrels during the second week of September as offshore oil facilities are still recovering from the impact of Hurricane Ida that hit last month.

However, analysts said that the price increase could have been higher if the effects of Hurricane Nicholas were worse than expected combined with the stronger performance of the US Dollar. – Jed Macapagal

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