Oil prices up for five straight weeks

MANILA – Consumers are facing higher prices of petroleum products as February kicks off.

In separate advisories, Caltex, Cleanfuel, Petro Gazz, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, and Unioil will increase both diesel and gasoline prices by PHP0.75 per liter starting Tuesday morning.

Caltex, Seaoil, and Shell will also hike kerosene prices by PHP0.45 per liter.

With the price increase in the past four weeks, year-to-date adjustments in gasoline prices stood a net increase of PHP4.95 per liter; PHP7.20 per liter increment on diesel; and PHP6.75 per liter hike on kerosene.

According to OilPrice.com, the uptrend in international price of oil is due to geopolitical risk, particularly tensions between Russia and Ukraine.

This development, amid the already tight supply of the commodity, pumped Brent crude prices up to USD90 per barrel.

For the country’s benchmark, Mean of Platts Singapore (MOPS), both diesel and gasoline increased by USD4.55 and USD3.70 per barrel, respectively, last week.

The Department of Energy’s (DOE) oil monitor bulletin said supply disruptions amid recovering demand is fueling crude prices to go up.

Aside from the tension between Ukraine and Russia, the DOE also cited supply disruptions in Turkiye due to pipeline explosion that affects over 400,000 barrels a day of oil supply, the ongoing supply woes in Libya and Kazakhstan, and the rising concerns over the spare capacity of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to meet the increasing demand. (PNA)

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