Oil retailers cut their prices after four consecutive weeks of increases on the back of uncertainties over the output plans of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
According to the Department of Energy (DOE), as of June 28, the latest average Manila price per liter of gasoline (RON95) stood at P86.30, diesel at P90.70 and kerosene at P93.87.
Caltex and Seaoil cut per liter prices by P3 on diesel and P3.40 on kerosene.
PTT, Clean Fuel and Phoenix Petroleum adjusted per liter prices downward by P3 on diesel.
No price movements were made on gasoline products.
The DOE said as of June 28, year-to-date adjustments of petroleum products stood at a net increase of P30 per liter for gasoline, P45.90 per liter for diesel and P39.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures for September delivery fell by 3 percent and settled at $109.03 per barrel while US West Texas Intermediate crude futures went down by 3.7 percent to end at $105.76 a barrel.
The report also said OPEC and its allies, including Russia, agreed to stick to their output strategy to increase output each month by 648,000 barrels per day in July and August but did not discuss policy from September onwards.
However, analysts do not expect the price decreases to be sustained especially with the likely effects of the suspension of Libyan crude shipments from two of its ports.
Likewise, ongoing protests in Ecuador as well as a labor strike in Norway’s oil platforms also limited a further crude price drop.
