Diesel up anew by 10.45/liter, gasoline by 10.20 today

The upswing in international oil prices has triggered anew a spike in the pump price of diesel by 10.45 per liter, 10.20 for gasoline, and 10.45 for kerosene after two weeks of price rollbacks.

Pilipinas Shell Petroleum Corporation, Phoenix Petroleum Philippines, Inc., PTT Philippines and Chevron (which carries the Caltex brand), Total, Seaoil and Eastern Petroleum will implement the price hike at 6 a.m today. Other industry players are expected to follow.

Prices in the world market had been on slight uptick in last week’s trading, which is the main driver for this week’s price

hikes. But according to the Department of Energy (DOE), this is also partly triggered by the Philippine peso’s further fall in value to 153.23 last week against the US dollar.

Prior to today’s upward adjustments, DOE data showed the average price of diesel in Metro Manila ranged from 140.25 to 150.83 per liter, 147.80 to 161.75-6 per liter for gasoline, and 146.77 to 155.86 per liter for kerosene.

At the close of last week’s trading in the international market, Dubai crude which is the benchmark for Philippine pricing as well as other countries in Asia was at US$73.94 per barrel, Brent crude at $73.44 per barrel and West Texas Intermediate (WTI) at $65.06 per barrel. Finished products’ importation reference is Mean of Platts Singapore.

On a wider scale of global prices monitoring – in keeping, too with the Philippine government’s intent to scout for cheap sources of oil under its strategic petroleum reserve (SPR) concept, the Russian crude basket (Eastern Siberia Pacific Ocean or ESPO and Sokol) closed in the last trading at $76.02 per barrel and $76.62 per barrel, respectively.

For the OPEC crude reference basket, last trading price was at: $73.88 per barrel for Qatar Marine, $76.93 per barrel for Murban crude of the United Arab Emirates, $68.43 per barrel for Iran Heavy crude, $74.14 per barrel for Iraq’s Basra Light, $72.14 per barrel for Algeria’s Saharan blend, $73.11 per barrel for Nigeria’s Bonny Light, $71.96 per barrel for Angola’s Girassol crude, $75.02 per barrel for Saudi’s Arab Light, and $75.27 per barrel for Equatorial Guinea’s Zafiro crude.

Last deliveries for Libya’s Es Sider crude was at $70.43 per barrel. Venezuela’s Merey crude hovered at $60.24 per barrel. Ecuador’s Oriente crude at $65.37 per barrel, Kuwait Export crude at $66.99 per barrel, and Indonesia crude at $68.39 per barrel.