LOCAL fuel prices are up for the fourth consecutive week after Brent crude increased by more than 1 percent last week to its highest since March, due to lower American crude inventories and recovering demand as more governments ease restrictions on people’s movements.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P41.52, diesel at P29.88 and kerosene at P30.74.
Shell and Seaoil adjusted the per liter prices of gasoline by P1.75, diesel by P2.10 and kerosene by P2.65.
Phoenix Petroleum also implemented an increase of P1.75 per liter for gasoline and P2.10 per liter for diesel.
These adjustments are only the effects of global pricing and do not include additional costs due to the 10 percent import duties made effective under Executive Order 113 as its implementation will vary per retail station and per brand.
As of May 20, year-to-date adjustments stand at net decreases of P11.27 per liter for gasoline, P14.54 per liter for diesel and P18.88 per liter for kerosene.
Reuters reported that as of Friday last week, West Texas Intermediate oil settled at $33.25 a barrel while Brent crude ended at $35.13 a barrel.
The report of American and Canadian airlines of slower ticket cancellations and an improvement in bookings on some routes as well as the decision of the Organization of the Petroleum Exporting Countries, Russia and other allies to cut supply by a record 9.7 million barrels per day from May 1 have also helped in the price recovery.
However, analysts claim the increase could have been higher if not for China’s decision not to publish an annual growth target for the first time and to impose a new national security legislation on Hong Kong after last year’s pro-democracy protests.
China’s actions have resulted into US President Donald Trump’s warning that they would react “very strongly” if the said plans would be pursued on Hong Kong.
