Oil players are rolling back their prices effective today, following last week’s big hike as global crude prices stabilize now that Saudi Arabia’s oil production has resumed.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P55.14, diesel at P45.94 and kerosene at P51.05.
Shell and Seaoil cut the prices of gasoline by P1.45 per liter, diesel by P0.60 per liter and kerosene by P1 per liter.
Phoenix Petroleum adjusted prices downward by P1.55 per liter for gasoline and P0.50 per liter for diesel.
PTT and Total rolled back the price of gasoline by P1.45 per liter and of diesel, by P0.60 per liter.
Some of the players implemented the price adjustment over the weekend but most of them only made it effective today.
The DOE said as of September 24, year-to-date adjustments stand at a net increase of P7.86 per liter for gasoline, P5.82 per liter for diesel and P3.76 per liter for kerosene.
Reuters reported that as of last Friday, Brent crude futures fell by 1.3 percent and settled at $61.91 a barrel while US West Texas Intermediate crude futures went down by 0.9 percent to settle at $55.91 a barrel.
The report cited analysts’ comments that the price movement was triggered by the US government’s announcement that it is considering the possibility of delisting Chinese companies from American exchanges.
Last week, Saudi Arabia restored capacity to 11.3 million barrels per day even if Saudi Aramco has yet to confirm it is fully back online.
The International Energy Agency’s projection that it might again cut estimates for global oil demand for 2019 and 2020 has been considered as a sign of a weaker global economy.