Oil companies implemented a price rollback on their products for the second consecutive week.
Seaoil and Caltex cut per liter prices on gasoline by P0.45 ; diesel by P1.45 and kerosene by P1.70.
PTT and Phoenix Petroleum adjusted per liter prices downward by P0.45 on gasoline and P1.45 on diesel.
The rollback was attributed mainly to the effects of lower trade data from China which had investors worry more about the further possibility of a global recession.
The Department of Energy (DOE) said average Manila price per liter as of September 6 stood at P72.35 for gasoline; P79.95 for diesel and P87.78 for kerosene.
The DOE also said as of September 6, year-to-date adjustments of petroleum products stood at a net increase of P16.95 per liter for gasoline, P36.25 per liter for diesel and P31.60 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude rose settled at $92.84 a barrel while US West Texas Intermediate ended at $86.79 per barrel.
The report added China’s weak economic data and strict pandemic policy added to fuel demand concerns at the time when several world central banks are also slated to keep hiking rates to fight inflation including the European Union, the US and Canada.
However, analysts said price rollbacks could have been higher if not for Russian president Vladimir Putin’s threat to stop oil and gas exports to Europe if price caps are imposed.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia — which plans to implement a 100,000 barrels per day cut to production – also capped this week’s price rollback.
OPEC agreed it can also meet any time to adjust production before the next scheduled meeting on October 5. – Jed Macapagal
