The various fuel retailers have reduced prices on petroleum products following four consecutive weeks of increases. Seaoil and Caltex lowered their prices by P0.50 per liter for gasoline, P0.70 for diesel, and P0.85 for kerosene. Meanwhile, Clean Fuel and Jetti also adjusted prices downwards, cutting P0.50 per liter for gasoline and P0.70 for diesel.
These reductions come after a cumulative increase of P4.20 for gasoline, P5 for diesel, and P3.60 for kerosene over the past month. The recent drop is primarily attributed to disappointing economic data from China, the world’s largest importer of oil.
According to the Department of Energy (DOE), as of October 8, prices in Manila stood at P57.90 per liter for gasoline (RON91), P54.10 for diesel, and P71.63 for kerosene. Year-to-date, the DOE reports a net increase of P9.05 per liter for gasoline and P6.75 for diesel, while kerosene has seen a net decrease of P2.75.
Reuters noted that Brent crude futures fell to USD73.06 a barrel, with US West Texas Intermediate crude at USD69.22 per barrel as of last Friday. The decline in oil prices is further influenced by China’s slowest economic growth since early 2023, coupled with a drop in refinery output for the sixth consecutive month, attributed to slim refining margins and weak fuel consumption.
An expert also indicated that the rising sale of electric vehicles (EVs) in China is impacting global crude prices, with EV sales increasing by 40 percent.
