Fuel oil retailers have implemented mixed price adjustments after two straight weeks of rollbacks.
Seaoil and Caltex increased their per liter price by P0.90 for gasoline and P1.05 for diesel but cut the cost of kerosene by P0.25 a liter.
Meanwhile, Clean Fuel and PTT adjusted their per liter prices upward by P0.90 for gasoline and P1.05 for diesel.
Monday’s adjustments were traced to the Organization of the Petroleum Exporting Countries’ (OPEC) announcement last week that global oil demand could boost this year by 2.3 percent or as much as 2.32 million barrels per day.
According to the Department of Energy (DOE), the average price per liter of gasoline (RON95) in Manila is P68.35, diesel at P62.45 and kerosene at P74.53 as at February 14 this year.
Latest DOE data also show year-to-date adjustments showing a net decrease of P2.15 per liter for diesel and P0.25 per liter for kerosene but a net increase of P5.10 per liter for gasoline.
Reuters reported that as of Friday last week, brent crude futures ended at $83.00 per barrel while West Texas Intermediate crude settled at $76.34 a barrel.
The report said OPEC’s bullish prospects for global oil demand this year was driven by China’s relaxation of pandemic restrictions moderated by forecast cuts in supply by Russia and other non-OPEC producers that could lead to tighter supply in the market.
The price increases could have been higher if not for apprehension the US Federal Reserve’s hawkish policy stance could pull down the demand for crude.
8-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 |
| JANUARY 31 | +1.30 | +1 | +1.35 |
| FEBRUARY 7 | -2.10 | -3 | -2.30 |
| FEBRUARY 14 | – | -2.20 | -2.50 |
| FEBRUARY 21 | +0.90 | +1.05 | -0.25 |
| TOTAL | 6 | -1.10 | -0.5 |
