Oil players have rolled back prices for the third straight week.
Seaoil and Caltex cut per liter prices of gasoline by P1.95, diesel by P1.90 and kerosene by P1.65.
PTT, Phoenix Petroleum and Clean Fuel adjusted per liter prices downward by P1.95 on gasoline and P1.90 on diesel.
Today’s adjustments were mainly attributed to concerns of traders last week on the results of the meeting of the Organization of the Petroleum Exporting Countries and its allies on their production strategy for the coming months as well as the pending European Union ban on Russian crude oil.
According to the Department of Energy (DOE), average Manila price per liter of gasoline (RON95) stood at P70.10, diesel at P76.15 and kerosene at P83.18, as of November 22.
The DOE said as of the same period, year-to-date adjustments in petroleum products stood at a total net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel and P27.85 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures went down by 1.5 percent to $85.57 per barrel as US West Texas Intermediate crude futures also dropped by 1.5 percent to $79.98 a barrel.
The report warned that crude prices may soon jump again as China is set to announce an easing of its new coronavirus disease 2019 quarantine protocols in the coming days which would be a major shift in the world’s second-biggest oil buyer. – Jed Macapagal
