Seaoil reduced per liter prices by P1 on gasoline, P1.30 on diesel and P1.65 on kerosene.

Clean Fuel and Jetti adjusted per liter prices downward by P1 on gasoline and P1.30 on diesel.

Today’s fuel price movements were mainly influenced by the lower global fuel demand forecast for 2024 and 2025 of the Organization of Petroleum Exporting Countries (OPEC) and of the as well as the International Energy Agency citing economic issues in China, the world’s largest importer of fuel.

Data from the Department of Energy (DOE) as of September 10 showed Manila price per liter of gasoline (RON91) stood at P55.80, diesel at P52.15 and kerosene at P68.94.

DOE data also showed year-to-date adjustments as of the same date stood at a total net increase of P5.85 per liter for gasoline, P3.05 per liter for diesel but a net decrease of P4.70 per liter for kerosene.

Reuters reported that as of Friday last week, Brent crude futures ended at $71.61 a barrel as US West Texas Intermediate crude futures settled at $68.65 per barrel.

IEA said global fuel demand will grow by 900,000 barrels per day (bpd), 70,000 bpd lower compared to its previous forecast. 

OPEC reduced its forecasted world oil demand to 2.03 million bpd this year from its last month’s projections of 2.11 million bpd.

OPEC said the primary reason for the lower global crude demand is China’s trimmed forecast of Chinese fuel demand to 650,000 bpd this year from the past projections at 700,000 bpd.