Retailers cut gasoline prices by P0.55/liter, diesel by P0.65, kerosene by P0.90
Petroleum retailers imposed a per-liter fuel price rollback effective today, Tuesday, with gasoline prices dropping by P0.55 per liter, diesel by P0.65, and kerosene by P0.90.
Prior to this rollback, pump prices went up for two consecutive weeks, resulting in a total per-liter increase of P2.70 for gasoline, P1.90 for diesel, and P2 for kerosene.
An independent retailer said global crude prices declined as the ongoing international trade war “eroded” the outlook for fuel demand.
Seaoil and Caltex reduced their per-liter prices of gasoline by P0.55, diesel by P0.65 and kerosene by P0.90.
Meanwhile, PTT and Clean Fuel are imposing similar price adjustments for gasoline and diesel. They don’t sell kerosene products.
Seaoil and PTT’s adjustments were set to take effect by 6 am, Caltex’s by 6:01 am, and Clean Fuel by 8:01 am.
The latest data from the Department of Energy (DOE) showed that as of April 29, the agency recorded a total net increase of P3.65 per liter for gasoline and diesel but a net decrease of P1.10 per liter for kerosene year-to-date.
eo Bellas, president of Jetti Petroleum Inc., told reporters that factors that pulled down global crude prices last week included traders’ fears of a possible crude oversupply after the Organization of the Petroleum Exporting Countries and its allies unwound output cuts.
However, he said this week’s fuel price drops could have been higher without the effects of the United States’ continued warning of sanctions against Iran.
“The latest threat of secondary sanctions by the US on Iran caused prices to rally due to worries that Iranian crude oil supply will be reduced should enforcement push through,” Bellas said.
Rodela Romero, DOE’s Oil Industry Management Bureau director, agreed with the factors cited by the Jetti official, including the rise in US crude inventories by 0.8 million barrels in the last week of April.
Romero mentioned that Saudi Arabia is showing signs of a possible output increase to expand its market share, which may lower global crude prices.
“US erratic tariff policies [continue to] raise concern over weakening global economic growth and fuel demand,” Romero said.
