Local fuel companies are implementing a big-time price rollback after last week’s mixed adjustments.
Seaoil reduced per liter prices by P3.05 on gasoline, P2.45 on diesel and P3 on kerosene.
Phoenix Petroleum, Jetti and PTT also adjusted per liter prices downward by P3.05 on gasoline and P2.45 on diesel.
Today’s adjustments were mainly attributed to global macroeconomic concerns amid weak gasoline consumption data released by the United States last week.
However, traders warned this week’s local price rollbacks may not be sustained as the ongoing aggression between Israel and Palestine is causing crude price spikes and may lead to possible political uncertainties across the Middle East.
Data from the Department of Energy (DOE) as of October 3 showed Manila price per liter of gasoline (RON95) stood at P75.20, diesel at P68.62 and kerosene at P82.26.
DOE data also showed year-to-date adjustments totaled to a total net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel and P8.94 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $84.58 per barrel while US West Texas Intermediate crude futures ended at $82.79 a barrel.
The report also said traders still worry the continuing high interest rates may slow global growth and temper fuel demand even as supplies are depressed by Saudi Arabia and Russia which are keen on cutting crude production until yearend.
Also contributing to soft demand is the strengthening of the US dollar which makes oil more expensive for holders of other currencies. Jed Macapagal
