Local oil retailers implemented mixed price adjustments after last week’s hike.
Caltex and Seaoil increased per liter price of gasoline by P1 but cut the cost of diesel and kerosene by P0.10 and P0.60, respectively.
Meanwhile, Clean Fuel adjusted per liter prices upward by P1 of gasoline and downward P0.10 of diesel.
Today’s adjustments were mainly attributed to the unexpected United States employment data despite expectations of further American and European bank rate hikes.
Based on data of the Department of Energy (DOE) as of March 7, latest average Manila price per liter of gasoline (RON95) is at P64.65, diesel at P60.55 and kerosene at P73.73.
DOE data also showed year-to-date adjustments stood at a total net decrease of P0.90 per liter for diesel and P1.05 per liter for kerosene but still a net increase of P5.70 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude prices settled at $82.78 a barrel while US West Texas Intermediate crude ended at $76.68 per barrel.
The report added global crude prices may continue to be volatile due to mixed signals as US President Joe Biden proposed a budget which removes billions of dollars in oil and gas industry subsidies.
Meanwhile investors also brace for possible export cuts from Russia as the latter decided to reduce output by 500,000 barrels per day starting this month. -Jed Macapagal
