Pump prices of petroleum products have increased for the sixth straight week as traders anticipate for the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ next move on crude production numbers.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P53.50, diesel at P47.85 and kerosene, P52.50. The last time average gasoline prices hit over the P53 per liter mark was in May 15, 2019 when RON 95 gasoline was at P53.84 per liter while diesel was at P43.99 per liter and kerosene was at P45.50 per liter.
This week’s hike has been the biggest from the six-week streak so far.
Seaoil raised per liter prices by P1.45 for gasoline and P2.05 for both diesel and kerosene.
Clean Fuel and PTT adjusted prices of gasoline by P1.45 per liter and diesel by P2.05 per liter.
Collectively, the six weeks of price hikes totalled to P4.10 per liter of gasoline, P5.65 per liter of diesel and P5.30 per liter of kerosene.
As of September 28, year-to-date adjustments on fuel prices summed up to a net increase of P15.10 per liter for gasoline, P12.95 per liter for diesel and P10.65 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $79.28 a barrel as US West Texas Intermediate ended at $75.88 per barrel.
The same report also cited OPEC and its allies is being pressured by the United States and India to produce more to help reduce prices as demand has recovered faster than anticipated in some parts of the world.
However, analysts said if OPEC, which is set to meet this week, decides to stick with previous plans and only delivers a 400,000 barrels per day increase in November, crude prices will hit as much as $90 per barrel.
