Fuel companies reduced their prices after five straight weeks of increases.
Seaoil and Caltex cut per liter prices by P0.60 on gasoline, P0.10 on diesel and P0.40 on kerosene.
Jetti and Clean Fuel adjusted per liter prices downward by P0.60 on gasoline and P0.10 on diesel.
Total price hikes on gasoline the past five weeks have reached P5.25 per liter and diesel by P4.75 per liter.
Today’s price movements were attributed to increased oil production reported by the United States.
Data from the Department of Energy (DOE) as of February 6 showed Manila price per liter of gasoline (RON95) stood at P72.05, diesel at P62.50 and kerosene at P74.29.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P5.15 per liter for gasoline, P4.40 per liter for diesel and P0.85 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $82.19 a barrel while US West Texas Intermediate crude futures ended at $76.84 per barrel.
Analysts said in the report price reductions were also fuelled by reports US energy firms added four oil and natural gas rigs to 623 last week, the highest since mid-December 2023.
Traders added US domestic production also returned to a record 13.3 million barrels per day level last week after recovering from the frigid weather last month which caused widespread shutdowns in oil producing regions.
However, the report said this week’s price reduction could have been higher if not for the impact of Israel’s decision to reject a proposed ceasefire with Hamas on the Gaza War. -Jed. Macapagal