Beginning Tuesday, fuel oil retailers rollback prices after only a week of mixed price adjustments.
Seaoil and Caltex have cut their liter price by P1.20 for gasoline, P1.85 for diesel and P2 for kerosene.
Clean Fuel, PTT and Phoenix Petroleum similarly cut their per liter price by P1.20 for gasoline and P1.85 for diesel.
These adjustments were driven by apprehension created by the downfall of two American banks as the Silicon Valley Bank and Signature Bank.
According to the Department of Energy (DOE), the price per liter of gasoline (RON95) as of March 14 in Manila averages P64.65, diesel at P60.45 and kerosene at P73.13.
DOE data show year-to-date adjustments as a net decrease of P1 per liter for diesel and P1.65 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 futures settled at $72.97 a barrel while US West Texas Intermediate crude ended at $66.74 per barrel.
The report also said issues faced by both Credit Suisse and First Republic Bank helped pull down crude oil prices as their difficulties boost the likelihood of a global recession that lowers fuel demand.
Analysts also said the drop in crude prices would have been higher if not for global crude supply to continue supporting oil prices in the near term as the Organization of Petroleum Exporting Countries (OPEC) remains committed to cut production targets by two million barrels per day until the end of the year.
12-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 |
| FEBRUARY 14 | – | -2.20 | -2.50 |
| FEBRUARY 21 | +0.90 | +1.05 | -0.25 |
| FEBRUARY 28 | -0.70 | -1.30 | -1.80 |
| MARCH 7 | +0.40 | +1.50 | +1.25 |
| MARCH 14 | +1 | -0.10 | -0.60 |
| MARCH 21 | -1.20 | -1.85 | -2 |
| TOTAL | 5.50 | -2.85 | -3.65 |
