Oil prices adjust higher six weeks in a row

The surge in the price of petroleum products at the pumps continue for the sixth straight week.
Seaoil increased its per liter price by P1.10 for gasoline, P0.20 for diesel and P0.70 for kerosene.
Clean Fuel and Jetti also adjusted per liter prices upward by P1.10 on gasoline and by P0.20 on diesel.
Thus far, the six weeks of oil price hikes in a series on petroleum products resulted to total per liter increase of P8.85 for gasoline, P11.75 for diesel and P11.35 for kerosene.
The latest set of adjustments was traced to slowing crude oil output in the United States as analysts fear this further aggravates anticipated supply tightness the rest of the year.
Data from the Department of Energy (DOE) show the price of gasoline (RON95) at P73.30 per liter, diesel at P66.15 and kerosene at P78.06 as at 15 August.
DOE data also show year-to-date adjustments as a net increase of P13.40 per liter for gasoline, P8.60 per liter for diesel and P5.14 per liter for kerosene.
Reuters reported that as of Friday last week, West Texas Intermediate crude futures cost $81.25 a barrel with Brent crude futures at $84.80 per barrel.