Oil retailers are rolling back their prices for the second consecutive week effective today.
Seaoil cu per liter prices by P0.85 on gasoline, P1.30 on diesel and P1.90 on kerosene.
Clean Fuel and Phoenix Petroleum adjusted per liter prices downward by P0.85 on gasoline and P1.30 on diesel.
Today’s adjustments were mainly attributed to the global trading fear caused by the slump in the stock performance of European banks.
Department of Energy (DOE) data as of March 21, average Manila price per liter of gasoline (RON95) is at P62.50, diesel at P58.60 and kerosene at P71.13.
Year-to-date adjustments stood at a total net decrease of P2.85 per liter for diesel and P3.65 per liter for kerosene and a net increase of P5.50 per liter for gasoline.
Reuters reported that as of Friday last week, Brent crude was down by 1.2 percent to $74.99 per barrel while West Texas Intermediate US crude futures fell 1 percent to $69.26 a barrel.
The report added traders were worried as banking stocks slid in Europe, including those of Deutsche Bank and UBS Group, in what is described as the worst problem in the sector since the 2008 financial crisis.
Analysts also said the drop in crude prices was supported by Russia’s previous announcement of plans to cut production by 500,000 barrels per day (bpd) from an output level of 10.2 million bpd in February. Russia aims to produce 9.7 million bpd between March and June which is a smaller output cut than the country previously indicated.
