Local pump prices down after last week’s hike

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    After last week’s brief hike, prices of  petroleum products are rolled back effective today, August 4, to reflect developments in global crude costs which weakened following poor American economic figures and after United States President Donald Trump suggested  the nation should delay its November presidential election.

    According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P48.04, diesel at P36.16 and kerosene at P38.32.

    Pilipinas Shell and Seaoil adjusted the per liter price of gasoline by P0.25, diesel by P0.30 and kerosene by P0.15.

    Meanwhile, PTT decreased prices of gasoline by P0.25 per liter and diesel by P0.30 per liter.

    As of July 28, year-to-date adjustments on fuel prices summed up to a net decrease of P4.77 per liter for gasoline, P8.29 per liter for diesel and P12.54 per liter for kerosene.

    Reuters reported  as of Thursday last week, US West Texas Intermediate crude futures settled at $39.92 a barrel, down by 3.3 percent as Brent crude futures fell 1.9 percent to $42.94 a barrel.

    Analysts said investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the American election even if its date has been enshrined in the US Constitution.

    “We have the potential for serious political uncertainty in the US if election dates are challenged,” John Kilduff, partner at Again Capital in New York, said in the report.

    The US suffered a gross domestic product at a 32.9 percent annualized rate,  the deepest decline in output since the government started keeping records in 1947. This decline contributed to the weaker crude prices.