Fuel retail prices will drop significantly from today, April 15, as crude oil prices fell on global markets due to the deepening trade war between the US and China, the retailers announced.
Pump prices per liter of gasoline will drop by P3.60, diesel by P2.90 and kerosene by P3.30.
Retailers Seaoil and Jetti will adjust their prices per liter of gasoline, diesel and kerosene at 6 am. Caltex will adjust its pump prices at 6:01 am.
Clean Fuel will sell diesel and gasoline at lower prices two hours later at 8:01 am. The company does not sell kerosene.
The cutbacks in fuel prices this week are the biggest downward adjustments for each product so far this year.
This is also the second straight week of price rollbacks for gasoline and kerosene. The rollback for gasoline now totals P3.70 per liter, and P3.80 for kerosene since April 8. The price of diesel was unchanged last week.
Global crude prices fell because of the deepening trade war between the US and China which stoked fears and uncertainty over the demand for fuel, an independent
fuel retailer said.
On the other hand, Jetti Petroleum Inc. president Leo Bellas told reporters the growing risk of weakening demand has come about in the face of higher output from the Organization of the Petroleum Exporting Countries and the tariff wars initiated by US President Donald Trump.
The short-term impact of these developments “could hinder a major rebound in oil prices,” Bellas added.
Rodela Romero, director of the Oil Industry Management Bureau, said other factors that also placed a drag on global crude prices include the expectations that Saudi Arabia will cut its official selling price on Asia-bound crude starting May.
“OPEC will also accelerate production by May from the initial commitment of 13,500 barrels per day to 441,000 barrels per day,” she added.
The latest data from the Department of Energy (DOE) showed the prices of gasoline (RON91) in Manila are P56.35 per liter, with diesel at P53.10 and kerosene at P71.37.
After today’s big time fuel price rollback, the same DOE data still showed a year-to-date net increase of P4.55 per liter for gasoline, P4.45 for diesel and P0.40 for kerosene.
