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Oil Prices are Now at Their Highest in Four Years

Local oil prices have gone up for eight consecutive weeks. According to Tracking Brent crude futures, oil prices in the Philippines are currently at their highest in four years.

According to the Department of Energy, the average Metro Manila price per one liter of gasoline is now at PHP59.50. Diesel gas falls at PHP46.94, while kerosene is priced at PHP52.57.

Since the start of 2018, fuel prices have already increased to around PHP20 per liter. Gasoline prices have also risen by up to PHP19.87, diesel gas at PHP20.85, and PHP21.26 for kerosene.

Seaoil and Shell are increasing gasoline by PHP1 per liter, PHP1.35 for diesel, and PHP1.10 per liter for kerosene.

Unioil, PTT and Phoenix have also added to their diesel prices by PHP1.35 per liter and PHP1 per liter for diesel fuel.

Meanwhile, oil companies have also increased the prices of thier liquefied petroleum gas by as much as PHP2.35 a kilo, adding PHP25.85 to the price of an 11-kilo tank.

Reason for the Price Hike

Changes in oil prices are mostly influenced by the U.S. sanctions against Iran, the world’s third-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC). Starting November 4, the U.S. wants to cut back on crude oil exports coming from the said country.

According to PVM Oil Associates strategist Stephen Brennock: “Iran has attempted to downplay the impact of looming U.S. sanctions by claiming that it has no intention of reducing oil production. However, such optimistic claims are falling on deaf ears.”

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