Local oil players reduced the prices of petroleum products, with gasoline taking a hefty cut of P1.70 per liter, while diesel was reduced by P0.90 per liter, and kerosene by P1.80, starting today.
Petroleum prices have gone down across the board for two straight weeks.
An independent fuel retailer said the adjustments followed concerns that higher tariffs imposed by the United States on several countries and their counter-tariffs will cause a slowdown in economic growth.
Shell and Seaoil led the rollback of per liter prices of gasoline by P1.70, diesel by P0.90, and kerosene by P1.80.
Meanwhile, Jetti, Clean Fuel, and PTT imposed similar price adjustments for gasoline and diesel. These companies do not sell kerosene.
Today’s price adjustments are so far the biggest weekly reductions for gasoline and kerosene products for 2025.
Data from the Department of Energy as of March 4 showed Manila’s current prices per liter of gasoline (RON91) at P60.95, diesel at P54.60, and kerosene at P72.47.
DOE data for the same period showed a total net increase of P3.85 per liter of gasoline, P3.35 per liter of diesel, and P2.10 per liter of kerosene year-to-date.
Leo Bellas, Jetti Petroleum Inc. president, told reporters the expected slowdown in economic activities will ease demand for fuel that drags down crude prices.
“The decision made by OPEC+ (Organization of the Petroleum Exporting Countries and its allies) to raise output starting April 2025 and the more-than-expected rise in US oil inventory further weighed on oil prices,” Bellas added.
Meanwhile, Rodela Romero, DOE’s Oil Industry Management Bureau director, said the US tariff war with Canada, China, and Mexico has broadened trade conflicts.
