Oil price adjustments are mixed for the second consecutive week on expectations of higher demand from China.
Seaoil raised per liter prices by P0.90 on gasoline and P1.35 on diesel. It reduced the price of kerosene by P0.30 per liter.
PTT adjusted per liter prices upward by P0.90 on gasoline but downward by P0.30 on diesel.
Today’s adjustments were mainly attributed to the weaker performance of the US dollar last week amid the easing of pandemic related protocols in China that is expected to help improve economic activity in the world’s top crude importer.
Data from the Department of Energy (DOE), average Manila price per liter of gasoline (RON95) as of November 1 stood at P69.60, diesel at P78.60 and kerosene at P83.55.
The DOE added as of November 8, year-to-date adjustments on the prices petroleum products stood at a total net increase of P17.25 per liter for gasoline, P36.30 per liter for diesel and P28.60 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $95.99 a barrel. US West Texas Intermediate crude futures ended at $88.96 per barrel.
The report also said the benchmark oil contracts fell last week due to rising American oil inventories and lingering fears over capped fuel demand in China.
However, late-week gains limited the losses.
The drop in crude prices was also tempered by the milder than expected inflation in the US as well as the scheduled meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia next month, after agreeing to cut production last month. -Jed Macapagal
