Global oil up over supply woes, PH fuel prices rise anew 

MANILA: Despite statistics showing increased demand in Asia, Europe, and the United States, oil prices jumped on Monday due to persistent concerns that the Organization of the Petroleum Exporting Countries (OPEC) could reduce output in an effort to stabilize the market. 

Benchmark Brent crude traded at $99.67 per barrel, up $0.66 from the previous trading session's closing price of $99.01 per barrel.

American benchmark West Texas Intermediate was at $93.75 per barrel at the same time for a 0.74 percent gain after the previous session closed at $93.06 a barrel.

Here in the country, Pilipinas Shell Petroleum, Seaoil Philippines Inc, Flying V, Petron Corp, Chevron Philippines (Caltex), and Cleanfuel all stated in each of their announcements that they would raise the diesel price, kerosene, and gas by P6.10 and P1.40 per liter today (August 30).

According to Petron, the fuel price adjustments “reflect movements in the international oil market.”

The said major hike comes just a week after the above fuel companies raised the price of diesel by P2.60, kerosene by P2.80, and gasoline by P0.70.

Meanwhile, the current unrest in Libya has raised more supply-side worries since it could affect the nation's oil exports and production.

Supply-side concerns have raised following signs of stronger demand and soaring natural gas prices. Experts deem that the rising demand and prices are pushing power generators and industrial users to consume more diesel and fuel oil.

Demand is also rebounding in the US, according to data released last week by the Energy Information Administration (EIA).

US commercial crude oil inventories dropped by around 3.3 million barrels against the market expectation of a fall of 450,000 barrels.

Gasoline inventories also decreased by 100,000 barrels to 215.6 million barrels over the same period.

Photo from Chevron Philippines Inc., 

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