The freefall on petroleum product prices continues for the fourth straight week.
Seaoil and Caltex cut per liter prices by P1.70 on gasoline, P3.40 on diesel and P4.40 on kerosene.
PTT adjusted per liter prices downward by P1.70 on gasoline and P3.40 on diesel.
Today’s adjustments were mainly attributed to growing fears of a global recession after weak economic data were recorded by China, Europe and the United States.
According to the Department of Energy, latest average Manila price per liter of gasoline (RON95) stood at P64.55, diesel at P70.30 and kerosene at P78.45.
Year-to-date adjustments on the prices of petroleum products summed up to a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel and P27.85 per liter for kerosene.
Reuters reported that as of Friday last week, US West Texas Intermediate crude settled at $71.02 a barrel, a new low for the year while Brent crude ended at $76.10 per barrel.
Analysts said in China, surging Covid infections will likely depress economic growth in the next few months despite some restrictions being eased while the US economy is also expected to hit a “short and shallow recession” in the coming year. – Jed Macapagal
