Gasoline prices down P0.10/liter, kerosene by P0.50
FUEL retail prices dropped on the heels of US President Donald Trump’s reciprocal tariffs on America’s trading partners.
Pump prices per liter of gasoline now sell P0.10 cheaper and kerosene by P0.50 starting early today, April 8. The price of diesel is unchanged at P53.10 per liter.
Leo Bellas, Jetti Petroleum Inc. president, told reporters that before the US imposed its reciprocal tariffs, crude prices were trending upward, with the stricter sanctions and secondary tariffs slapped against oil producing countries such as Iran, Venezuela and Russia apart from the reescalation of geopolitical tensions in the Middle East.
“However, prices have eased down as concerns on the new US tariffs would escalate a global trade war, curtailing economic growth and limiting crude demand,” he said.
The Organization of the Petroleum Exporting Countries and its allies plan to raise oil output starting May 2025, also put a downward pressure on crude prices on fears of an oversupply in the market on top of a significant increase in American crude inventories, Bellas added
An independent fuel retailer said a price increase was originally projected for this week, but the latest tariffs imposed by the US worldwide on April 2, rattling financial and commodities markets and softening both stocks and global crude prices.
The fuel price rollback is happening after two straight weeks of across-the-board price increases totaling P2.50 for gasoline and P1.60 for both diesel and kerosene.
Among the fuel retailers, Seaoil and Caltex will start selling gasoline and diesel at lower prices.
Meanwhile, Jetti, PTT and Clean Fuel are imposing similar price adjustments for gasoline. These retailers do not carry kerosene among their fuel products.
Data from the Department of Energy (DOE) showed the prices per liter of gasoline in Manila, as of April 1, are P59.21 for gasoline (RON91), P53.10 for diesel, and P71.87 for kerosene.
But as of April 2, the department recorded a year-to-date total net increase of P4.65 per liter of gasoline, P4.45 per liter of diesel and P0.90 per liter of kerosene. ~0~
