Oil companies are rolling back their prices this week attributed to continuing concerns on weakened fuel demand in China and further increases to US interest rates.
Caltex and Seaoil cut per liter prices by P0.40 on gasoline, P2.15 on diesel and P2.10 on kerosene.
PTT, Clean Fuel and Phoenix Petroleum reduced prices by P0.40 on gasoline and P2.15 on diesel.
Average Manila price per liter of gasoline (RON95) as of November 1 stood at P70.50, diesel at P78.30 and kerosene at P84.23.
Adjustments for the year were at a net increase of P18.15 per liter for gasoline, P36 per liter for diesel and P29.95 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude settled at $87.62 per barrel, down by 2.4 percent as US West Texas Intermediate crude ended at $80.08 a barrel, down 1.9 percent.
The report said with a stronger US dollar, oil prices have become more expensive to non-American buyers which pushed down crude prices.
However, analysts said prices will still be volatile in the coming weeks especially with the looming ban on Russian crude of the European Union starting next month which may bring pressure to the spot crude oil market.
Sentiments are also affected by the meeting next month of the Organization of the Petroleum Exporting Countries and allies which earlier agreed to cut production.
