Local fuel retailers raised their prices for the fourth consecutive week.
The price hikes were mainly caused by the continuing tightness in global crude supply due to the ongoing war between Russia and Ukraine as well as the absence of oil production from Libya due to political crisis.
According to the Department of Energy (DOE), as of June 21, the latest average Manila price per liter of gasoline (RON95) stood at P85.80, diesel at P89.05 and kerosene at P92.97.
Caltex and Seaoil increased per liter prices by P0.50 on gasoline, P1.65 of diesel and P0.10 on kerosene.
PTT, Phoenix Petroleum and Clean Fuel adjusted per liter prices upward by P0.50 on gasoline and P1.65 on diesel.
The DOE said as of June 21, year-to-date adjustments of petroleum products summed up to a net increase of P29.50 per liter for gasoline, P44.25 per liter for diesel and P39.65 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $113.12 a barrel while US West Texas Intermediate crude ended at $107.62 per barrel.
The report said the price increase could also have been higher if not for sentiments and fears indicating a global recession may happen soon as several economies are now hiking interest rates.
The Organization of the Petroleum Exporting Countries and its allies are set to meet again at the end of the month and are expected to slightly accelerate increases in oil production in July and in August despite rising demand.
However, the US government announced more oil and natural gas rigs in operation were added last week due to officials’ prodding that could have prompted drillers to return in the fields.
