Local fuel retailers are rolling back their prices today, Tuesday, in their second round of price reductions for the month.
They said they have set their gasoline prices lower by P0.30 per liter, diesel by P0.90/liter and kerosene by P1.25/liter.
Including today’s rollback, pump prices have gone down so far this month by P0.85/liter for gasoline, P1.55/liter for diesel, and P2.15/liter for kerosene, they said.
An independent fuel retailer said global crude prices dropped because of oversupply concerns after the Organization of the Petroleum Exporting Countries and its allies decided to increase output.
Seaoil reduced its per-liter prices of gasoline by P0.30, diesel by P0.90, and kerosene by P1.25.
Clean Fuel and Jetti said they were adopting the same price adjustments for gasoline and diesel, but not for kerosene products, which they do not sell.
Seaoil and Jetti’s adjustments were set to take effect by 6 am today, and that for Clean Fuel by 8:01 am.
The Department of Energy (DOE) said that as of May 6, it recorded a total net increase of P3.10 per liter for gasoline and P3 for diesel but a net decrease of P1.10 per liter for kerosene in the year-to-date.
However, as of April 29, the latest available monitoring from the DOE showed the price per liter in Manila was at P53.80 for gasoline (RON91), P51 for diesel, and P69.87 for kerosene.
Leo Bellas, president of Jetti Petroleum Inc., told reporters this week’s price cut could have been higher if not for the optimism about higher fuel demand from Europe and China caused by positive economic indicators.
He added that further price drops were tempered by the reported lower oil production from the United States and the continued geopolitical tensions in the Middle East.
Rodela Romero, DOE’s Oil Industry Management Bureau director, agreed with the factors cited by the Jetti official but highlighted that the results of the ongoing tariff negotiations between the US and China could sway next week’s price movements.
