Fuel oil price at the pumps ease beginning Tuesday as the various retailers cut back on the price of the commodity.
Seaoil reduced the price of its gasoline by P3.05 per liter, diesel by P2.45 per liter and kerosene by P3 per liter.
Phoenix Petroleum, Jetti and PTT similarly adjusted their own products by P3.05 per liter for gasoline and P2.45 per liter for diesel.
The adjustments came in the wake of reports of US stocks of the benchmark West Texas intermediate dropping 9 percent last week on signs of weakening demand outweighing tightening supply.
Crude futures pushed the WTI benchmark above $85 a barrel Monday following an attack on Israel by Hamas at the weekend, fueling concerns of heightened geopolitical tensions.
As of 3 October this year, the price of RON 95 gasoline stood at P75.20 per liter, diesel at P68.62 and kerosene at P82.26 per liter according to the Department of Energy.
Data also show a net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel and P8.94 per liter for kerosene from year-to-date.
