Oil retailers implemented a price rollback after two straight weeks of upward price adjustments.
Seaoil and Caltex cut per liter prices by P2.60 on gasoline, P1.55 on diesel and P1.60 on kerosene.
PTT and Clean Fuel adjusted per liter prices downward by P2.60 on gasoline and P1.55 on diesel.
The price rollback was attributed mainly to the effects of new pandemic related lockdowns in China which added to fears that high global inflation and interest rate hikes will dampen overall fuel demand.
According to the Department of Energy (DOE) average Manila price per liter as of August 30 stood at P74.95 for gasoline (RON95); P81.50 for diesel and; P84.02 for kerosene.
The DOE also said as of August 30, year-to-date adjustments of petroleum products stood at a total net increase of P19.55 per liter for gasoline, P37.80 per liter for diesel and P33.20 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures settled at $93.02 a barrel while US West Texas Intermediate crude futures ended at $86.87 per barrel.
The report said Asia’s factory activity slumped in August due to China’s zero-COVID policy which continues to pressure and hurt businesses and in turn, dampen the recovery outlook for the entire region.
The possible revival of a 2015 Iran nuclear deal which would allow the country to boost its oil exports also had an effect on prices.
However, the price slumps were said to be much higher if not for the expected decision of the Organization of the Petroleum Exporting Countries and allies led by Russia to keep oil output quotas unchanged for October in a scheduled meeting this week.
