Local fuel retailers have decided to roll back their pump prices of diesel by P0.20 per liter and kerosene by P0.40 per liter, effective today, Tuesday.
No price changes were made for gasoline products. Petroleum prices have now been reduced for three straight weeks.
An independent fuel retailer said the adjustments have been driven by fears caused by the tariff wars between the United States and its trade partners, which are now seen causing a global economic slowdown and in turn, lower demand for petroleum products.
Caltex and Seaoil led the way in cutting the pump prices of diesel by P0.20 per liter and kerosene by P0.40 per liter.
Jetti is imposing a similar price adjustment for diesel. It is not selling kerosene products.
Data from the Department of Energy, as of March 11, showed Manila’s current prices per liter of gasoline (RON91) at P55.50, diesel at P53.70, and kerosene at P70.67.
Data for the similar period also showed a total net increase of P2.15 per liter for gasoline and P3.05 per liter for diesel, but a net decrease of P0.30 per liter for kerosene year-to-date.
Leo Bellas, Jetti Petroleum Inc. president, told reporters the drop in fuel prices this week could have been bigger if not for the weaker US dollar and tighter American petroleum inventories.
“However, the weaker US dollar and data that showed tighter-than-expected US oil and fuel inventories have helped (prevent) prices from sliding further,” Bellas explained.
Traders explain that when the US dollar is strong, it becomes more expensive to buy fuel using other currencies, which creates pressure on prices.
Meanwhile, Rodela Romero, DOE’s Oil Industry Management Bureau director, added traders fear a likely supply glut, which lowers pump prices.
