Fuel retailers are implementing today mixed price adjustments on petroleum products after last week’s rollback.
A local oil player said that most of the price movements came as a result of rising prices in the world market, mainly caused by fears of traders about US President Donald Trump’s trade war with several countries and its expected negative effects on the global economy and energy demand. Over the weekend, Trump imposed tariff hikes on Canada, Mexico and China.
Petron, Shell, Caltex and Seaoil increased per liter prices of gasoline by P0.70 but decreased per liter prices of diesel by P1.15 and kerosene by P0.90.
Meanwhile, Jetti, Clean Fuel and PTT adjusted prices upward by P0.70 per liter of gasoline but slashed its diesel price by P1.15 per liter.
Data from the Department of Energy (DOE) as of January 28 showed Manila price per liter of gasoline (RON91) at P58.05, diesel at P61.25 and kerosene at P75.27.
DOE data also as of the same date showed a total net increase of P2.65 per liter for gasoline, P4.80 for diesel and P3.80 for kerosene
Leo Bellas, Jetti Petroleum Inc. president, told reporters in a message that apart from Trump’s recent actions, the mixed price movement for fuel products were also affected by higher diesel export volumes from India and China.
“Seasonal boost in demand over the peak Lunar New Year travel supported the gasoline price benchmarks,” Bellas said.
