Local oil retailers again implement a big-time adjustment in the sale of petroleum products starting Tuesday after last week’s mixed price adjustments.
Seaoil increased the per liter price by P2.80 for its gasoline, P2.25 for diesel and P2.40 for kerosene.
PTT and Clean Fuel similarly adjusted their per liter price higher by P2.80 for gasoline and P2.25 for diesel.
The adjustments were traced to China’s announcement of better economic prospects and therefore seen to boost fuel demand in the world’s largest fuel importer.
According to the Department of Energy (DOE), as of January 12, latest average Manila price per liter of gasoline (RON95) is at P65.40, diesel at P63.70 and kerosene at P76.83.
Department of Energy data as of January 17 show year-to-date adjustments totaling a net increase of P3.10 per liter for gasoline and P0.80 per liter for kerosene but a net decrease for diesel of P0.20 per liter.
Reuters reported that as of Friday last week, Brent crude settled at $87.63 a barrel as US crude settled at $81.31 per barrel.
The same report cited that apart from more optimistic fuel demand from China, another factor that pushed crude prices higher include expectations that the US Federal Reserve will soon implement smaller interest rate hikes, which are a sign of better American economic outlook down the line.
Experts added the US oil rig count which fell to 613 last week, the lowest since November 2022, also supports crude price adjustments apart from the ongoing price caps on Russian oil.
4-WEEK FUEL PRICE MOVEMENT BREAKDOWN
| DATE | GASOLINE | DIESEL | KEROSENE |
| JANUARY 3 | +2.90 | +2.10 | +3.05 |
| JANUARY 10 | -0.75 | -2.80 | -2.10 |
| JANUARY 17 | +0.95 | +0.50 | -0.15 |
| JANUARY 24 | +2.80 | +2.25 | +2.40 |
| TOTAL | 5.90 | 2.05 | 3.20 |
