After a mixed bag of price adjustments just last week, the various oil retailers are set on a price rollback beginning tomorrow, Tuesday.
Seaoil and Caltex ease the per liter price of their products by P0.70 for gasoline, P1.30 for diesel and P1.80 for kerosene.
Phoenix Petroleum and Clean Fuel adjusted their per liter price down P0.70 for gasoline and P1.30 for diesel.
The adjustments are traced in part to rising crude oil inventories in the United States and the likelihood of more aggressive policy adjustments by the world’s central banks to address the threat of inflation which has dampened demand.
According to the Department of Energy (DOE), the average per liter price of gasoline (RON95) in Manila as of latest stands at P69.25, diesel at P63.30 and kerosene at P74.28.
DOE data also show year-to-date adjustments falling P1.10 per liter for diesel on net basis, P0.50 per liter net for kerosene but a net increase of P6 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude futures averaged $83.16 a barrel while West Texas Intermediate averaged $76.32 per barrel.
US crude stockpiles rose by 9.9 million barrels in the third week of February, a development that worried investors about demand in the country.
There were also indications that Russian crude and refined products accumulating on tankers at sea, which signals a possible increase in global supply.
The report claimed that JP Morgan warned that short-term global crude prices are likely to drift lower toward the $70 a barrel threshold that could further force the Organization of Petroleum Exporting Countries (OPEC) to continue cutting production to limit price drops.
Rodela Romero, DOE assistant director at the Oil Industry Management Bureau, on Monday said should crude oil demand by the US and China remain uncertain, global oil prices could remain muted.
Romero also said other factors such as the continuing conflict between Russia and Ukraine as well as OPEC’s continued production cuts could push crude oil prices higher.
9-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 |
| FEBRUARY 21 | +0.90 | +1.05 | -0.25 |
| FEBRUARY 28 | -0.70 | -1.30 | -1.80 |
| TOTAL | 5.30 | -2.40 | -2.30 |
