Oil companies implemented another price drop for the fifth straight week as global crude prices continue to slump amid growing concerns on the omicron variant of the new coronavirus disease 2019 (COVID-19 which forced some countries to re-impose lockdowns.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P58.85, diesel at P50.47 and kerosene, P53.09.
Data from the DOE also show that the last time average prices of gasoline in Manila were below P60 per liter this year was in October 5 when RON 95 gasoline averaged at P54.10 per liter.
Seaoil and Caltex decreased per liter prices by P2.40 of gasoline, P2.65 of diesel and P2.70 of kerosene.
Meanwhile, Clean Fuel and PTT adjusted prices of gasoline and diesel by P2.40 and P2.65 per liter, respectively.
This is the biggest price rollback issued by oil companies this year.
As of November 30, year-to-date adjustments on fuel prices summed up to a net increase of P18.10 per liter for gasoline, P15.70 per liter for diesel and P13.19 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $69.88 a barrel while US West Texas Intermediate crude ended at $66.26 per barrel.
The report also said that the price drop was driven by the surprise decision of the Organization of the Petroleum Exporting Countries (OPEC) including its allies like Russia to stick to its plans to add 400,000 barrels per day of crude production despite the threat on fuel demand.
However, OPEC said t it can still change its policy if demand suffers from measures to contain the spread of the Omicron.
OPEC’s next meeting is set on January 4 next year.
