After two weeks of mixed movements, oil prices are rolled back this week on the expected surge in Libyan crude supply and continuing demand concerns caused by the increasing effects of the pandemic in the United States and Europe.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P45.93, diesel at P32.37 and kerosene at P37.06.
Petron, Shell and Seaoil adjusted per liter prices downward by P0.25 of diesel and P0.15 of kerosene.
Gasoline prices are unchanged.
As of October 20, year-to-date adjustments on fuel prices summed up to a net decrease of P4.67 per liter for gasoline, P10.01 per liter for diesel and P13.44 per liter for kerosene.
Reuters reported that as of Friday last week, US crude went down by 79 cents and settled at $39.85 a barrel while brent crude lost 69 cents and ended at $41.77 a barrel.
The report said global crude prices sank after Libya’s National Oil Corp. lifted force majeure on exports from key ports which would result in its output to reach 1 million barrels per day in four weeks.
Reports of daily increases in infections in Italy and several American states as well as the implementation of extended curfews in France also contributed to weaker crude prices as such scenario would result in weaker fuel demand. -J. Macapagal