After last week’s mixed movements in petroleum prices, local oil players implemented a rollback today attributed to the continued fears on the American economy.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P52.38, diesel at P41.85 and kerosene, P48.60.
Shell and Seaoil lowered the prices of gasoline and diesel by P0.10 per liter and kerosene by P0.15 per liter.
PTT also adjusted prices downward by P0.10 per liter for both gasoline and diesel.
The DOE said as of August 28, year-to-date adjustments stand at a net increase of P4.75 per liter for gasoline, P3.35 per liter for diesel and P1.40 per liter for kerosene.
Reuters reported that as of last Friday, Brent crude futures fell 1.1 percent to settle at $60.43 a barrel while US West Texas Intermediate crude futures ended 2.8 percent weaker at $55.10 a barrel.
Analysts slashed their oil price forecasts to the lowest in more than 16 months, citing weaker global demand as an economic slowdown looms due to the trade war between United States and China.
The experts claim that Brent crude would average $65.02 a barrel in 2019, down about 4 percent from the previous month’s $67.47 projection and compared with the $65.08 average for the global benchmark so far this year.
The 2019 outlook for West Texas Intermediate crude futures was cut to the lowest since January 2018, at $57.90 per barrel, below last month’s $59.29 forecast but still bigger than the $57.13 average this year.
The trade war between the two superpowers has also effectively negated the impact of production cuts led by the Organization of the Petroleum Exporting Countries.