Oil companies slashed their prices after last week’s hike.
Seaoil decreased per liter prices by P0.70 on both gasoline and diesel and P0.85 on kerosene.
Cleanfuel, Jetti and Phoenix Petroleum also adjusted per liter prices downward by P0.70 on both gasoline and diesel.
Today’s adjustments were mainly caused by continued fears of investors that weaker global economic activities will result in lower demand for fuel.
Data from the Department of Energy (DOE) as of June 27 showed Manila price per liter of gasoline (RON95) stood at P61.35, diesel at P55.60 and kerosene at P68.63.
DOE data also showed year-to-date adjustments amounted to a total net decrease of P3 per liter for diesel and P5.15 per liter for kerosene and a net increase of P6.55 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude futures for August delivery settled at $74.90 per barrel as US West Texas Intermediate crude ended at $70.64 a barrel.
Analysts said global crude prices are being pressured by rising interest rates in key economies as well as the slower-than- expected recovery in Chinese manufacturing and consumption.
Traders said the price drop could have been much higher if not for the signs of strengthening US economic activity paired with declines in American oil inventories. -Jed Macapagal
