Local oil retailers implemented a price rollback for the second consecutive week.
Seaoil cut the per liter price of diesel by P2.20 and of kerosene by P2.50.
Clean Fuel and Phoenix Petroleum similarly reduced their price per liter for diesel by P2.20.
The oil companies did not make adjustments on gasoline.
Monday’s cuts were traced to reports that major oil infrastructures have not been damaged by the earthquake that hit Turkey and Syria even as American oil inventories also rose amid possible bank rate hikes.
According to the Department of Energy (DOE), as of February 7, latest average Manila price per liter of gasoline (RON95) is at P68.35, diesel at P64.45 and kerosene at P76.93.
DOE data as of February 7 show year-to-date adjustments stood having risen on net basis a total of P5.10 per liter for gasoline, P0.05 per liter for diesel and P2.25 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $86.39 a barrel while US West Texas Intermediate crude futures were at $79.72 per barrel.
The report said the earthquake in Turkey and Syria initially sent oil prices higher due to fears that the disaster seriously damaged pipelines and other infrastructures and deny crude from the global market for an extended period.
7-WEEK FUEL PRICE MOVEMENT BREAKDOWN
| DATE | GASOLINE | DIESEL | KEROSENE |
| JANUARY 3 | +2.90 | +2.10 | +3.05 |
| JANUARY 10 | -0.75 | -2.80 | -2.10 |
| JANUARY 17 | +0.95 | +0.50 | -0.15 |
| JANUARY 24 | +2.80 | +2.25 | +2.40 |
| JANUARY 31 | +1.30 | +1 | +1.35 |
| FEBRUARY 7 | -2.10 | -3 | -2.30 |
| FEBRUARY 14 | – | -2.20 | -2.50 |
| TOTAL | 5.10 | -2.15 | -0.25 |
