Oil companies rolled back their prices for the fourth straight week as global crude prices were dampened by the discovery of the omicron variant of the new coronavirus disease which sparked another round of lockdowns in different countries.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P59.95, diesel at P46.10 and kerosene, P55.64.
Seaoil and Caltex decreased per liter prices by P1.10 of gasoline, P0.60 of diesel and P0.50 of kerosene.
PTT adjusted prices of gasoline and diesel by P1.10 and P0.60 per liter, respectively.
As of November 23, year-to-date adjustments on fuel prices summed up to a net increase of P19.20 per liter for gasoline, P16.30 per liter for diesel and P13.69 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude went down by 11.6 percent to end at $72.72 a barrel while US West Texas Intermediate crude decreased by 13.1 percent to settle at $68.15 a barrel.
Analysts said the global crude market is factoring in a worst case scenario where the new omicron variant that is deemed vaccine -resistant would again cause a massive demand slowdown due to travel restrictions and lockdowns.
The report also noted that the Organization of the Petroleum Exporting Countries and its allies is considering the current situation of the pandemic as the group will meet again next month whether it would cut or improve crude production.
