Fuel companies rolled back their prices after two straight weeks of hikes.
Seaoil cut per liter prices by P0.35 on gasoline, P1.10 on diesel and P0.45 on kerosene.
Cleanfuel adjusted per liter prices downward by P0.35 on gasoline and P1.10 on diesel.
The rollback was mainly attributed to the growing fears among traders that global inflation will further worsen and in effect, result to lower demand for fuel products.
According to the Department of Energy (DOE), as of October 18, average Manila price per liter of gasoline (RON95) stood at P68.80, diesel at P80.80 and kerosene at P84.78.
The DOE said year-to-date adjustments of prices on petroleum products stood at a total net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel and P29.65 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $93.50 a barrel while US West Texas Intermediate crude ended at $85.05 per barrel.
The report said the decrease could have been higher if not for the rumored plans of China, the world’s largest crude importer, to cut its quarantine period for visitors to seven days from ten days.
The looming ban on Russian crude and oil products of the European Union as well as the agreed 2 million barrels per day output cut from the Organization of the Petroleum Exporting Countries and allies including Russia have also tempered the fall of crude prices. – Jed Macapagal
