Oil retailers are rolling back their prices effective today after last week’s mixed adjustments.
Seaoil and Caltex reduced per liter prices by P1.20 on gasoline, P1.85 on diesel and P2 on kerosene.
Clean Fuel, PTT and Phoenix Petroleum cut per liter prices downward by P1.20 on gasoline and P1.85 on diesel.
Today’s adjustments were mainly attributed to the global trading fears in the face of the collapse of the Silicon Valley Bank and Signature Bank as well as the crises faced by Credit Suisse and First Republic Bank.
Department of Energy (DOE) data as of March 14 showed the average Manila price per liter of gasoline (RON95) is at P64.65, diesel at P60.45 and kerosene at P73.13.
DOE data as of the similar period also showed year-to-date adjustments stood at a total net decrease of P1 per liter for diesel and P1.65 per liter for kerosene but still a net increase of P6.70 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude futures settled at $72.97 a barrel while US West Texas Intermediate crude ended at $66.74 per barrel.
The report added issues faced by Credit Suisse and First Republic Bank also pulled down global crude prices as these could lead to a global recession which in turn may cause lower fuel demand.
Analysts said the drop in crude prices could have been higher if not for the continued expectations of global crude supply to continue supporting oil prices in the near term.
This follows the pronouncement of the Organization of the Petroleum Exporting Countries that it remains committed to cut production targets by two million barrels per day until the end of the year.
