Oil companies implemented mixed price adjustments after last week’s rollback.
Seaoil cut the per liter price of its gasoline by P0.20 but increased by P0.75 on diesel and P0.50 on kerosene.
Cleanfuel, Jetti, PTT and Phoenix Petroleum also reduced by P0.20 per liter on their gasoline products but increased by P0.75 per liter on diesel.
Similarly, Caltex Philippines Inc. (CPI) cut the price of its Platinum and Silver gasoline products by P0.20 per liter and raise its diesel by P0.75 per liter and kerosene by P0.50 per liter.
The adjustments were the result of global oil supply concerns despite fears that more interest rate hikes will weigh on economic growth and demand for oil.
Data from the Department of Energy (DOE) show the Manila price of gasoline (RON95) of only P59.65, diesel at P54.90 and kerosene at P67.68.
DOE data also show year-to-date adjustments amount to a net decrease of P3.70 per liter for diesel, P6 per liter for kerosene but a net increase of P5.85 per liter for gasoline.
Reuters reported that as of Friday last week, Brent futures settled at $78.47 per barrel while US West Texas Intermediate crude ended at $73.86 a barrel.
Analysts said that top oil exporters Saudi Arabia and Russia announced fresh output cuts this week bringing total reduction by the Organization of the Petroleum Exporting Countries and its allies to 5 million barrels per day or roughly 5 percent of global oil output.
The output cuts are also supported by the drop in value of the US dollar, making crude oil cheaper for holders of other currencies, which adds to the demand for oil.
However, traders are still wary that as central banks continue to raise policy rates, higher borrowing costs drag global economic growth and reduce oil demand in the process.
