Fuel retailers rolled back their prices after a big-time price hike last week.
The price cut was mainly brought by fears that a global recession will soon be felt particularly in Europe, United States and China.
According to the Department of Energy (DOE), as of May 12, the average Manila price per liter of gasoline (RON95) stop at P78.30, diesel at P79.30 and kerosene , P80.87.
Caltex and Seaoil slashed per liter prices by P0.40 on gasoline, P3.10 on diesel and P2.10 for kerosene.
PTT and Phoenix Petroleum adjusted per liter prices downward by P0.40 on gasoline and P3.10 on diesel.
The DOE said as of May 10, year-to-date adjustments on the prices of petroleum products stood at a net increase of P22 per liter for gasoline, P34.50 per liter for diesel and P29.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $111.55 a barrel as US West Texas Intermediate crude ended at $110.49 per barrel.
The report also noted the European Union (EU) remain undecided on whether to implement an embargo on Russian oil especially after the European Bank for Reconstruction and Development warned that some EU economies as well as in Central Asia and North Africa might slide back to pre-pandemic levels if Russia retaliates by cutting off gas supplies.
Analysts added that the decrease could have been much higher if not for the strong US dollar performance over other currencies as well as with China’s announcement that it would start to ease pandemic traffic restrictions and open shops this month in Shanghai.
