Local retailers have reduced prices of all petroleum products after last week’s hike.
Seaoil and Caltex decreased per liter prices by P0.70 on gasoline, P0.95 on diesel and P1.10 on kerosene.
Clean Fuel and Jetti adjusted per liter prices downward by P0.70 on gasoline and P0.95 on diesel.
Today’s price movements were mainly a result of the United States central bank’s announcement last week it may delay a planned interest rate cut by at least two more months.
Data from the Department of Energy (DOE) as of February 20 showed Manila price per liter of gasoline (RON95) stood at P73.05, diesel at P62.10 and kerosene at P74.94.
DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P6.15 per liter for gasoline, P5.40 per liter for diesel and P1.50 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $81.62 a barrel while US West Texas Intermediate crude futures ended at $76.49 per barrel.
The report said the delay in cutting interest rates pulled down global crude prices as it may drag both economic growth and fuel demand.
However, traders said crude prices may recover this week due to positive indicators such as the revived talks for ceasefire in Gaza that can ease geopolitical tensions in the Middle East. -Jed Macapagal
