Fuel prices are down for the second consecutive week as global crude prices reacted to traders’ fears that the US Federal Reserve will accelerate plans to boost interest rates to arrest rising inflation rates.
According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P61.70, diesel at P52.27 and kerosene, P57.04.
Seaoil and Caltex cut per liter prices by P0.90 of gasoline and P0.10 of kerosene.
Clean Fuel and PTT adjusted prices of gasoline by P0.90 per liter.
No price adjustments were made on diesel products.
As of November 9, year-to-date adjustments on fuel prices summed up to a net increase of P20.95 per liter for gasoline, P17.50 per liter for diesel and P15.09 per liter for kerosene.
Reuters reported that as of Friday last week, Brent crude futures fell by 0.8 percent to settle at $82.17 a barrel as US West Texas Intermediate crude went down by 1 percent to end at $80.79 a barrel.
The report added the drop in global fuel prices have also been pulled by the strengthening performance of US dollar and the possibility of US President Joe Biden to order a release of oil from its strategic petroleum reserve to cool down prices. – Jed Macapagal
