Pump prices of all fuel products will be lower on Tuesday, local retailers said, citing the effects of production increases from the Organization of the Petroleum Exporting Countries as well as uncertainties in the direction of US tariffs.
By morning of August 12, motorists can look forward to prices going down by P0.40 for gasoline, P1.50 for diesel and P1.30 for kerosene from Seaoil.
Same price reductions will be implemented by Clean Fuel and Jetti but these companies do not sell kerosene products.
Meanwhile, Caltex will have a different set of adjustments as it will lower per liter prices by P0.40 for gasoline and P1 for both diesel and kerosene.
Their schedule of adjustments is as follows: Seaoil and Jetti: 6:00 a.m.; Caltex: 6:01 a.m.; and Clean Fuel 8:01 a.m.
Over the weekend, Jetti Petroleum Inc. President Leo Bellas said other factors which pulled down global crude prices include expectations of a diplomatic end to the war in Ukraine as well as increasing refined fuel supply from China.
The Jetti official added that this week’s price rollback could have been bigger if not for the larger-than-expected draw in US crude oil stockpiles, which is an indicator of “healthy demand from the world’s biggest economy.”
“Geopolitical risks and evolving US trade policy however, continue to add uncertainty and are still clouding the broader demand picture,” Bellas explained.
Prior to the price rollbacks scheduled this week, fuel retailers have implemented per liter price hikes last week equivalent to P1.90 per liter for gasoline, P1.20 for diesel and P1 for kerosene.
Including Tuesday’s price movements, year-to-date prices now amount to a net increase of P10.80 per liter for gasoline, P12.75 per liter for diesel and P2.65 per liter for kerosene.
For the period August 5 to 11, Department of Energy data showed that average per-liter prices in the National Capital Region stood at P55.30 for RON 91 gasoline, P56 for diesel, and P74.90 for kerosene.
