The various fuel retailers on Monday raised the price of petroleum products following last week’s rollback. Seaoil and Caltex increased the cost of gasoline by P0.20 per liter, while both diesel and kerosene prices rose by P0.50. Jetti also adjusted its gasoline prices upward by P0.20 per liter and diesel by P0.50.
The price hikes are attributed to ongoing geopolitical tension in the Middle East and uncertainties attendant to upcoming elections in the major economies. According to the Department of Energy (DOE), as of October 15, the price per liter in Manila averaged P57.90 for gasoline (RON91), P54.10 for diesel, and P71.63 for kerosene. Year-to-date prices indicate a net increase of P9.05 per liter for gasoline and P6.75 for diesel, while kerosene shows a net reduction of P2.75 per liter.
Data reported by Reuters highlight Brent crude futures settled at $76.05 a barrel, with US West Texas Intermediate crude ending at $71.78 per barrel as of last Friday. Investors increasingly favor the US dollar amid expectations of rising volatility, especially with the US elections set for 5 November.
In addition, global crude prices have been influenced by the upcoming elections in Japan and anticipated interest rate adjustments from three major central banks.
