Local oil retailers on Monday implemented a price rollback after a three-week series of hikes in the cost of petroleum products.
Seaoil and Caltex cut the per liter price by P2.10 for gasoline, P3 for diesel and P2.30 for kerosene.
PTT similarly adjusted its per liter price by P2.10 for gasoline and P3 for diesel.
The day’s adjustments were traced to the strong jobs data reported by the United States last week when it raised concerns about high interest rates and investors wanting more clarity on the European Union’s planned embargo on refined fuel products from Russia.
According to the Department of Energy (DOE), the average price per liter of gasoline (RON95) in Manila is P70.35, P67.45 for diesel and P79.23 for kerosene.
The year-to-date adjustments show a net increase of P7.20 per liter for gasoline, P3.05 per liter for diesel and P4.45 per liter for kerosene, based on DOE data.
Reuters reported that as of Friday last week, Brent futures settled at $79.94 per barrel while US West Texas Intermediate crude ended at $73.39 a barrel.
Analysts said the global oil market is uncertain on whether it should fear a recession or worry the US Federal Reserve remain aggressive in its policy stance.
Experts also said the increases in bank interest rates were to weigh on US and European economies and cause an economic slowdown that, in turn, pull down global crude oil demand.
The report said the cut in crude prices could have been higher if not for the sharp jump in traffic in China’s 15 largest cities, indicating that the world’s largest fuel buyer soon needs more supply.
6-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 |
| TOTAL | 5.10 | 0.05 | 2.25 |
