Local oil retailers are rolling back their prices for the second consecutive week effective today.
Seaoil reduced per liter prices by P1.50 on gasoline, P1.30 on diesel and P1.40 on kerosene.
Clean Fuel adjusted per liter prices downward by P1.50 on gasoline and P1.30 on diesel.
Today’s adjustments are attributed to trading fears caused by the growing possibilities of a recession in the world’s biggest economies.
Data from the Department of Energy as of April 25 showed average Manila price per liter of gasoline (RON95) is at P65.90, diesel at P55.55 and kerosene at P69.88.
Year-to-date adjustments stood at a total net decrease of P3.05 per liter for diesel and P3.55 per liter for kerosene and a net increase of P7.55 per liter for gasoline.
Reuters reported that as of Thursday last week, Brent crude ended at $77.87 a barrel while West Texas Intermediate crude was at $74.42 per barrel.
Analysts said lingering economic concerns as well as expected central bank interest rate hikes in the US, United Kingdom and the European Union which could pull down global demand for fuel have dragged oil prices.
The report added consumer confidence in the US have dropped to a nine-month low in April as worries mounted, heightening the risk of the economy falling into recession this year.
However, the drop in global crude prices could have been much higher if not for the Energy Information Administration’s (EIA) data showing US crude inventories fall 5.1 million barrels during the third week of April.
The EIA also said for the similar period, gasoline and distillate stocks also went down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively.
