Oil companies are rolling back prices effective today, after four consecutive weeks of hikes.
According to the Department of Energy, the latest average Metro Manila price per liter of gasoline (RON95) is at P45, diesel at P38.35 and kerosene, P45.43.
Petron, Shell, Caltex and Seaoil cut their prices by P0.10 for gasoline, P0.35 for diesel and P0.55 for kerosene.
PTT reduced its gasoline price by P0.10 per liter and diesel, P0.35 per liter.
As of March 2, 2021, year-to-date adjustments on fuel prices summed up to a net increase of P6.20 per liter for gasoline, P5.70 per liter for diesel and P5.05 per liter for kerosene.
Reuters reported that as of Friday last week, Brent futures settled at $69.36 a barrel while US West Texas Intermediate crude ended at $66.09 a barrel.
Among the factors cited in the report that affected international crude pricing is the Organization of the Petroleum Exporting Countries and its allies’ decision to extend oil output curbs into April.
The group only allowed small exemptions to Russia and Kazakhstan and opted to increase production by just 150,000 barrels per day next month.
Meanwhile, analysts and traders warned that because of slow physical crude sales and demand recovery, prices of crude will remain volatile. – Jed Macapagal