Local retailers are implementing mixed price adjustments effective today after last week’s big rollback.
Seaoil and Caltex are increasing per liter prices by P0.45 on gasoline but are reducing diesel and kerosene by P0.60 and P1.05 per liter, respectively.
PTT and Jetti are raising per liter prices by P0.45 on gasoline but downward by P0.60 on diesel.
Petron rolled back prices of liquefied petroleum gas by P1 per kg effective yesterday, attributed to the decrease in international contract prices.
Today’s mixed fuel price movements were mainly result of continuing geopolitical tensions in various parts of the world as well as due to the improved crude supply in the United States.
Data fr om the Department of Energy (DOE) as of March 26 showed Manila price per liter of gasoline (RON91) stood at P64.60, diesel at P61.80 and kerosene at P74.59.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P7.75 per liter for gasoline, P5.10 per liter for diesel and P1.05 per liter for kerosene.
Reuters reported that as of Thursday last week, Brent crude futures for May settled at $87.48 a barrel while US West Texas Intermediate crude futures for May delivery ended at $83.17 per barrel.
The report said the stronger performance of the US dollar also affected this week’s local petroleum prices include
A stronger performance of the US dollar is seen as a bane for the oil industry as it makes the commodity more expensive for investors holding other currencies which in turn, could lower demand.
The Reuters report said a surprise jump in US crude and gasoline stockpiles also became a factor in global oil prices.
According to data from the Energy Information Administration, Amrican crude oil stocks rose by 3.2 million barrels while gasoline stocks rose by 1.3 million barrels in the week ended March 22.
The report added the continuing tensions between Russia and Ukraine as well as between Israel and Hamas in Gaza are pushing global crude prices up.
Investors are also preparing for the scheduled meeting this week of the Joint Monitoring Ministerial Committee of the Organization of Petroleum Exporting Countries and its allies which is expected to hold any oil output policy changes until the full ministerial meeting is conducted in June.
