Fuel retailers are rolling back their prices effective today.
Seaoil and Caltex reduced per liter prices by P0.25 on gasoline, P0.45 on diesel and P0.90 on kerosene.
Clean Fuel and Jetti adjusted per liter prices downward by P0.25 on gasoline and P0.45 on diesel.
Today’s fuel price reduction can be attributed to the effects of a slowdown in the US economy as any acceleration in American inflation will likely force the Federal Reserve not to cut interest rates before September.
Data from the Department of Energy (DOE) as of April 23 showed Manila price per liter of gasoline (RON91) stood at P68.30, diesel at P60.65 and kerosene at P75.18.
DOE data also showed year-to-date adjustments as of April 23 stood at a total net increase of P10.25 per liter for gasoline, P6.05 per liter for diesel and P1.15 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled to $89.50 a barrel while US West Texas Intermediate crude futures ended at $83.85 per barrel.
The report added concerns on US fuel demand surfaced amid signs of weaker American business activities in April aside from the stronger-than-expected inflation and employment data that can further push the US government to further delay interest rate cuts.
However, analysts said upward pressures on crude oil remain present especially with the ongoing geopolitical tensions in the Middle East involving Israel, Palestine and Iran.
Iran is the third largest producer in the Organization of Petroleum Exporting Countries.
