LOCAL fuel retailers rolled back their prices of petroleum products effective today, after last week’s mixed adjustments.
A local oil player said the price movements were driven by fear that the renewed trade war between the United States and China could slow down economic growth and in turn, weaken demand for fuel.
Caltex and Seaoil reduced their prices of gasoline and diesel by P0.10 per liter and kerosene by P0.30 per liter.
Meanwhile, Jetti, Clean Fuel and PTT lowered their prices by P0.10 per liter for both gasoline and diesel.
Data from the Department of Energy (DOE) as of February 4 showed the Manila price per liter of gasoline (RON91) stood at P58.45, diesel at P56.55 and kerosene at P73.87.
The DOE data also showed that as of January 28, a total net increase of P2.65 per liter for gasoline, P4.80 for diesel and P3.80 for kerosene was recorded.
Leo Bellas, Jetti Petroleum Inc. president, told reporters in a message that price rollbacks could have been higher if not for the rise in freight costs from refineries.
Bellas said that a sharp rise in Saudi Arabian crude was experienced by buyers from Asia as the US sanctions disrupted Russian crude supply.
“Prices drew support as well on concern of possible sudden disruption of supply from Iran should the US sanctions be imposed,” Bellas added.
