Oil companies rolled back their prices after two consecutive weeks of increases.
The decrease was primarily attributed to lower demand from China due to continued lockdowns as well as the decline of US heating oil contract prices last week because of trader selloffs triggered by low trading volume.
According to the Department of Energy (DOE), as of April 26, the latest average Manila price per liter of gasoline (RON95) stood at P74.75, diesel at P76.25 and kerosene at P79.02.
Seaoil and Caltex decreased per liter prices by P0.65 on gasoline and P1.15 on both diesel and kerosene.
PTT and Clean Fuel adjusted per liter prices downward by P0.65 om gasoline and P1.15 on diesel.
The DOE said as of April 26, year-to-date adjustments of petroleum products stood at a total net increase of P18.45 per liter for gasoline, P31.45 per liter for diesel and P25.05 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures contract settled at $107.14 a barrel as US West Texas Intermediate crude ended at $104.69 per barrel.
The report said the drop in prices could have been higher if not for the ongoing fears that Russian crude supply will continue to be disrupted by the conflict in Ukraine especially after Germany announced that it may join other European Union member states in the embargo on Russian oil.
Experts said Russian oil production can fall by as much as 17 percent this year.
The Organization of the Petroleum Exporting Countries and allies are likely to stick with its existing deal and agree for another small output increase for June during a meeting this week. – Jed Macapagal
