The first two international trading days on crude oil may point to a decline in prices but the Department of Energy (DOE) warned consumers not to get their hopes up.
The DOE said this week’s oil price rollback may just be a breather from more increases until the end of the year as this early, countries are stockpiling supply for the winter season.
Positive news on Monday pushed Brent crude futures just 2 cents higher to $93.29 a barrel on Monday while US West Texas Intermediate crude settled 35 cents lower at $89.68 per barrel.
Trade reacted to reports that Russia relaxed its fuel exports ban on Monday and lifted restrictions for fuel used as bunkering for some vessels and diesel with high sulfur content.
However, Russia retained its export ban on all types of gasoline and high-quality diesel as it tries to stabilize domestic market towards the winter season.
“It (global fuel price) is volatile … we have to always be ready because we are moving towards the winter months and normally, prices will increase but let us hope the external factors like Ukraine and Russia will stabilize,” DOE Secretary Raphael Lotilla told reporters in a briefing in Taguig city yesterday.
Lotilla added the public must continue to avoid “unnecessary trips outside of the house” and utilize more mass transport systems.
Data from the DOE as of September 19 showed Manila price per liter of gasoline (RON95) stood at P77.40, diesel at P68.80 and kerosene at P83.26.
DOE data also showed year-to-date adjustments as of the same period stood at a total net increase of P17.50 per liter for gasoline, P13.60 per liter for diesel and P9.94 per liter for kerosene.
Last Tuesday, local oil firms rolled back prices for the first time in 11 weeks. Per liter prices were reduced by P0.20 on both gasoline and diesel and by P0.50 on kerosene.
