Starting 12:01 AM, 25 April 2023, local oil retailers implement a rollback in the cost of petroleum products after last week’s mixed price adjustments.
Seaoil cut its per liter price by P1.40 for gasoline, P0.70 for diesel and P0.20 for kerosene.
Caltex Philippines Inc. (CPI) will similarly cut fuel prices of its Platinum and Silver gasoline brands by P1.40 per liter, diesel by P0.70 per liter and kerosene by P0.20 per liter.
Clean Fuel adjusted its per liter price down P1.40 for gasoline and P0.70 for diesel.
According to the Department of Energy (DOE), the average price per liter of gasoline (RON95) is P65.65 per liter, diesel P59 per liter and kerosene P70.38 per liter as of 11 April this year.
DOE data as of April 18 show year-to-date the adjustments as a net decrease of P2.35 per liter for diesel and P3.35 per liter for kerosene but a net increase of P8.95 per liter for gasoline.
Reuters reported that as of Friday last week, Brent futures for June delivery stood at $81.80 a barrel while West Texas Intermediate crude was at $78.11 per barrel.
Analysts said the price cuts could have been higher if not for the International Energy Agency’s warning that output cuts recently announced by the Organization of the Petroleum Exporting Countries will likely cause an oil supply deficit in the second half of this year.
The Group of Seven coalition composed of Canada, France, Germany, Italy, Japan, United Kingdom and the US also announced keeping the $60 per barrel price cap on seaborne Russian oil despite rising global crude prices and appeals by some countries for a lower price cap to limit Russia’s income.
17-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 |
| APRIL 4 | +1.40 | +0.50 | +0.20 |
| APRIL 11 | +2.60 | +1.70 | +1.90 |
| APRIL 18 | +0.30 | -0.40 | +0.10 |
| APRIL 25 | -1.40 | -0.70 | -0.20 |
| TOTAL | 7.55 | -3.05 | -3.55 |
