Local fuel retailers implemented their first price rollback of petroleum products this year after three straight weeks of increases.
The latest price movements were attributed mainly to uncertainties over how additional tariff rates that US President Donald Trump might impose on several countries would pan out.
Seaoil and Caltex reduced prices of gasoline by P0.80 per liter, diesel by P0.20 per liter and kerosene by P0.50 per liter effective today.
Meanwhile, Jetti and PTT lowered their prices by P0.80 per liter of gasoline and P0.20 per liter of diesel.
Data from the Department of Energy (DOE) as of January 21 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 Jan. 21 showed a total net increase of P3.45 per liter of gasoline, P5 of diesel and P4.30 of kerosene.
Leo Bellas, Jetti Petroleum president, told reporters in a message that the global crude market has been affected by Trump’s recent moves as these were expected to shape global economic growth and energy demand.
Bellas said the easing of geopolitical tensions has also helped in pulling down global crude prices.
“Easing of geopolitical tensions in the Middle East could possibly lighten disruptions to the shipping route along the Red Sea. Easing of diesel and gasoline price benchmarks as regional supply remans sufficient [is also another factor,]” Bellas said.