Local oil players brought down the cost of petroleum products for the second consecutive week after global prices dropped due to concerns on the slow economic growth of China, the world’s biggest crude importer.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P51.50, diesel at P44.70 and kerosene at P48.79.
Shell adjusted downwards the prices of gasoline by P0.85 per liter, diesel by P1.70 per liter and kerosene by P1.65 per liter.
Seaoil implemented rollbacks of P0.90 per liter for gasoline, P1.70 per liter for diesel and P1.65 per liter for kerosene.
Phoenix Petroleum reduced the cost of gasoline and diesel by P0.90 and P1.70 per liter, respectively.
Some of the adjustments took effect over the weekend but most will be implemented today.
DOE said as of January 14, year-to-date adjustments stood at a net decrease of P0.10 per liter for gasoline but a net increase of P0.20 per liter for diesel.
Reuters reported as of Friday last week, Brent crude futures settled at $64.85 a barrel while US West Texas Intermediate crude futures ended at $58.54 a barrel.
Brent crude settled at $64.98 a barrel, down by 39 cents, while West Texas Intermediate crude fell 52 cents to end at $59.04 per barrel.
The report said world market prices were pulled down after China reported it only grew by 6.1 percent last year, its slowest expansion in 29 years.
Analysts noted that the drop could have been steeper if not for the Phase 1 trade accord signed by China and the United States which involved a commitment of an additional $54 billion in purchases of American oil.
However, the International Energy Agency claimed a bearish view of the oil market outlook for this year, citing that supply from the Organization of the Petroleum Exporting Countries will still exceed demand even if its member states comply fully with the output cuts.
It added that crude production from the US is still growing to record highs, while fuel inventories are rising due to disappointing demand.
