Local oil retailers are implementing a second rollback in fuel prices in as many weeks.
Seaoil on Monday announced a cut in the per liter price of its products by P0.85 for gasoline, P1.30 for diesel and P1.90 for kerosene.
Clean Fuel and Phoenix Petroleum adjusted their per liter price lower by P0.85 for gasoline and P1.30 for diesel.
Monday’s adjustments were attributed to the global apprehension caused by the slump in the stock performance of European banks.
According to the Department of Energy (DOE), the average Manila price per liter of gasoline (RON95) is P62.50, diesel at P58.60 and kerosene at P71.13.
DOE data as of the same period show year-to-date adjustments stood as a net cut of P2.85 per liter for diesel and P3.65 per liter for kerosene but a net increase of P5.50 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude settled 1.2 percent to $74.99 per barrel while West Texas Intermediate US crude futures fell 1 percent to $69.26 a barrel.
Traders worried over falling bank stocks across Europe, including that of Deutsche Bank and the UBS Group, which are deemed the worst in the sector since the 2008 global financial crisis.
Analysts said the drop in crude prices was supported by Russia’s plan to cut production by 500,000 barrels per day (bpd), sharply down from output of 10.2 million bpd in February.
The cut means that Russia will allow production of only 9.7 million bpd between March and June or a smaller output cut than previously indicated.
13-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 |
| MARCH 7 | +0.40 | +1.50 | +1.25 |
| MARCH 14 | +1 | -0.10 | -0.60 |
| MARCH 21 | -1.20 | -1.85 | -2 |
| MARCH 28 | -0.85 | -1.30 | -1.90 |
| TOTAL | 4.65 | -4.15 | -5.55 |
