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Oil prices up for 2nd straight week

Cost of gasoline increases by P1.05/liter; diesel by P0.75/liter

Updated

By Myrna Velasco

Pump prices of gasoline will go up again this week by P1.05 per liter; and diesel by P0.75 per liter.

(Mark Balmores / MANILA BULLETIN)

(Mark Balmores / MANILA BULLETIN)

For kerosene products being retailed by the oil firms, it will increase by P0.60 per liter this week, as indicated in the pricing advisory of the industry players.

Oil companies that already sent notices on their pricing adjustments include Pilipinas Shell Petroleum Corporation, Seaoil, and PetroGazz effective 6:00 a.m. on Tuesday, April 16.

Based on the random monitoring of the Department of Energy (DOE), gasoline products are being retailed at the pumps by leading player Petron Corporation in the range of P50.44 to P62.57 per liter prior to this adjustment.

Pricing latitudes for its diesel products are from P42.37 to P47.29 per liter; while kerosene had been ranging from P44.89 to P51.14 per liter.

The industry’s second biggest player, Pilipinas Shell Petroleum Corporation, had been selling its variety of gasoline products at P50.34 to P61.66 per liter; and diesel from P41.30 to P48.95 per liter; while kerosene retail prices had been at P51.69 per liter.

As of end-Friday trading, Dubai crude, which is the reference for Asian oil markets, softened a bit to US$69.70 per barrel after it jumped to more than US$70 per barrel in earlier trading days last week.

International benchmark Brent crude had climbed higher to US$71.55 per barrel; and it was the same for West Texas Intermediate (WTI) crude of the US market which inched up to US$63.89 per barrel as of April 12 trading.

The supply cuts spearheaded by the Organization of the Petroleum Exporting Countries (OPEC) and its Russian alliance continue to exert upward pressure on prices. Uncertainties heightened as markets speculate anew if the ‘price rebalancing strategy’ of these oil producers will carry on after their meeting in Vienna this June.

Cost upswings are further underpinned by the sanctions enforced on Iran and Venezuela, two of the world’s major oil producers. Both are OPEC members.

Global market watchers have noted that prices just started easing on Thursday to Friday trading following reports of a rise in US inventories, with increasing production at the Permian basin leading the charge.

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