After three straight weeks of hikes, oil prices will go down effective today following the build-up in American crude inventories as well as reports on new pandemic restrictions in China.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P53.97, diesel at P38.60 and kerosene at P43.46.
Shell and Seaoil adjusted per liter prices downward by P0.15 of gasoline and P0.10 of both diesel and kerosene.
As of Jan. 19, 2021, fuel prices adjustments summed up to a net increase of P2.30 per liter for gasoline, P1.65 per liter for diesel and P1.60 per liter for kerosene.
Reuters reported that as of Friday last week, brent crude futures fell 69 cents to settle at $55.41 a barrel while US West Texas Intermediate crude futures went down by 86 cents to end at $52.27 per barrel.
The report said this due is the unexpected rise in US crude inventories by 4.4 million barrels. – Jed Macapagal