Oil companies are raising the prices of their products for the third consecutive week effective today, September, 14 as the cost of global crude continues to rally following the prolonged abnormal production in the United States due to Hurricane Ida’s effects in the Gulf of Mexico.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P51.85, diesel at P44.60 and kerosene, P50.06.
Seaoil increased prices by P0.40 per liter of gasoline, P0.35 of diesel and P0.15 per liter of kerosene.
Clean Fuel adjusted prices of both gasoline and diesel by P0.30 per liter.
As of September 7, year-to-date adjustments on fuel prices summed up to a net increase of P13.35 per liter for gasoline, P10.90 per liter for diesel and P8.70 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $72.92 a barrel as US West Texas Intermediate ended at $69.72 per barrel.
The report said t around 1.2 million barrels per day of production in the US remained halted since late August as repair efforts dragged the restoration timeline of companies.
Analysts said t markets also became hopeful with the call between US President Joe Biden and his Chinese counterpart Xi Jinping, signalling hopes for warmer relations and more global trade. – Jed Macapagal
