Oil companies are rolling back pump prices of petroleum products following reports of an increase in crude oil stockpiles in the United States and the agreement by the Organization of the Petroleum Exporting Countries (OPEC) to hike production.
According to the Department of Energy, the latest average Manila price per liter of gasoline (RON95) is at P61.05, diesel at P45.55 and kerosene, P50.96.
Seaoil, Caltex and Pilipinas Shell reduced prices by P0.75 per liter of gasoline and P0.60 per liter of both diesel and kerosene.
PTT and Clean Fuel cut the prices of gasoline by P0.75 per liter and diesel products by P0.60 per liter.
As of July 13, year-to-date adjustments on fuel prices summed up to a net increase of P13.60 per liter for gasoline, P10.90 per liter for diesel and P9.30 per liter for kerosene.
Reuters reported that as of Thursday last week, Brent crude settled at $73.79 a barrel while US West Texas Intermediate ended at $71.91 per barrel.
It cited the Energy Information Administration’s report that US crude oil stockpiles finally rose after eight straight weeks of declines as it went up by 2.1 million barrels in the week to July 16 to 439.7 million barrels.
OPEC and its allies’ compromise last Sunday to increase oil supply from August is expected to stabilize prices after hitting the highest level this month in more than two years at over $75 per barrel. – Jed Macapagal
