Oil prices are down this week after four straight weeks of increases.
Seaoil and Caltex reduced per liter prices by P0.50 on gasoline, P0.70 on diesel and P0.85 on kerosene.
Clean Fuel and Jetti also adjusted prices downward by P0.50 per liter on gasoline and P0.70 per liter on diesel.
Prior to this reduction, petroleum prices have recorded cumulative increases of P4.20 for gasoline, P5 for diesel and P3.60 for kerosene.
The price reduction this week is attributed to weak economic data announced by China, the world’s biggest importer of petroleum products.
As of October 8, Manila price per liter of gasoline (RON91) stood at P57.90, diesel at P54.10 and kerosene at P71.63, based on Department of Energy (DOE) data.
The DOE data also showed year-to-date adjustments as of October 8 stood at a total net increase of P9.05 per liter for gasoline and P6.75 per liter for diesel and a net decrease of P2.75 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures fell to $73.06 a barrel, while US West Texas Intermediate crude ended at $69.22 per barrel.
The report noted China’s economic growth in the third quarter of the year was the slowest since early 2023. China’s refinery output declined for the sixth straight month driven by thin refining margins and weak fuel consumption.
The report added report improved sales of electric vehicles in China have affected global crude prices, as sales surged by 42 percent in August and reached a record high of over one million vehicles.
