Oil firms roll back prices

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    After last week’s mixed price movements, oil prices are rolled back effective today on news of unexpected rise in crude stockpiles and weak economic figures in the United States.

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P51.40, diesel at P42.37 and kerosene at P48.87.

    Shell and Seaoil reduced the per li1ter prices of both gasoline and kerosene by P0.25 and diesel by P0.10.

    Phoenix Petroleum and Total adjusted prices of gasoline downward by P0.25 per liter and diesel by P0.10 per liter.

    The DOE said as of October 15, year-to-date adjustments stood at a net increase of P5.86 per liter for gasoline, P4.12 per liter for diesel and P1.21 per liter for kerosene.

    Reuters reported that as of last Thursday, Brent crude settled at $59.91 a barrel while US West Texas Intermediate crude ended at $53.93 a barrel.

    It cited that US gasoline stocks fell by 2.6 million barrels in the week to October 11 while distillate stockpiles including diesel and heating oil fell by 3.8 million barrels. However, the said gains were offset by the rise in crude inventories as crude stocks rose by 9.3 million barrels.