Fuel price cuts greet motorists today

MANILA, Philippines, May 13 ------ Oil companies are set to roll back fuel prices today, bringing relief to motorists for the second straight week.

In separate advisories, Shell, Caltex and Seaoil announced per-liter price cuts of P0.30 for gasoline, P0.90 for diesel and P1.25 for kerosene. Petro Gazz, Cleanfuel, PTT Philippines and Jetti would implement the same price adjustments, except for kerosene, which they do not carry.

The Department of Energy attributed the rollback to persistent oversupply concerns following OPEC+’s decision to hike oil production. Uncertainties over the imposition of US tariffs on key trading partners also exerted downward pressure on oil prices, as such a move could dampen fuel demand.

Jetti president Leo Bellas, however, said optimism surrounding trade talks between the US and China resulted in this week’s rollback. The latest adjustments bring down the year-to-date net increases of gasoline and diesel to P2.80 and P2.10 per liter, respectively. Kerosene prices, on the other hand, have declined by P3.25 per liter since the start of the year.

Last Tuesday, oil companies slashed gasoline, diesel and kerosene prices by P0.55, P0.65 and P0.90 per liter, respectively.

Source: philstar.com