The cost of fuel products in gas stations across the country turn cheaper starting midnight Tuesday under latest adjustments by the various retail oil companies.
Retailer Seaoil has cut its per liter price by P0.35 for gasoline, P0.10 for diesel and P0.30 for kerosene.
Phoenix Petroleum, PTT and Jetti similarly reduced its per liter price by P0.35 for gasoline and by P0.10 for diesel.
Effective also at the same time, Caltex Philippines announced a cut in the price of its Platinum and Silver gasoline products by P0.35 per liter, diesel by P0.10 per liter and kerosene by P0.30 per liter.
According to the Department of Energy (DOE), the price per liter of gasoline (RON95) in Manila averages P61.50, diesel at P54.65 and kerosene at P67.68 per liter.
Department of Energy data show the year-to-date adjustments stood as a net reduction of P3.95 per liter for diesel and P6.05 per liter for kerosene but a net increase of P6.70 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude sell for $76.61 a barrel and US West Texas Intermediate crude at $71.78 per barrel.
The news agency reported the US Federal Reserve left interest rates unchanged but indicated adjustments of another half percentage point by the end of the year “as it reacts to a stronger-than-expected economy and a slower decline in inflation.”
Higher interest rates strengthen the US dollar that in turn makes commodities denominated in the currency to be more expensive for holders of other currencies.
Experts said the drop in this week’s local petroleum prices would have been higher if not for data showing higher Chinese demand for fuel and the effect of the decision by the Organization of the Petroleum Exporting Countries and its allies to limit the combined oil production to 40.463 million barrels per day for 2024.
