Oil firms rolled back their prices, the second time only this year, on news the International Energy Agency members agreed to join the largest-ever oil reserves release of the United States.
According to the Department of Energy (DOE) as of March 29, the latest average Manila price per liter of gasoline (RON95) stood at P74.60, diesel at P72.65 and kerosene at P71.11.
Caltex and Seaoil cut per liter prices by P2.30 on gasoline; P1.85, diesel and; P1.65, kerosene.
PTT and Clean Fuel adjusted per liter prices downward by P2.30 on gasoline and P1.85 on diesel.
The DOE said as of March 29, year-to-date adjustments of petroleum products stood at a net increase of P18.30 per liter for gasoline, P27.85 per liter for diesel and P25.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures were down 0.3 percent at $104.39 a barrel as US West Texas Intermediate crude futures fell by 1 percent to $99.27 per barrel.
The report said the biggest factor that pulled down global crude prices is the US’ announcement that it will release a million barrels per day (bpd) of crude oil for six months from May, totaling 180 million barrels, the largest release from the American strategic petroleum reserve.
China’s decision to lock down Shanghai, a commercial hub and home to 26 million residents, also helped pushed crude prices down.
However, the decline in crude costs could have been more if not for the decision of the Organization of the Petroleum Exporting Countries its and allies including Russia to stick with plans to increase by only 432,000 bpd their May output target despite pressures to add more. – Jed Macapagal
