Fuel prices down by nearly P1 per liter

MANILA, Philippines, May 6 ------ After two consecutive weeks of increases, fuel prices will decrease by nearly P1 per liter starting today. Oil companies will cut pump prices by P0.55 per liter for gasoline, P0.65 per liter for diesel and P0.90 per liter for kerosene. Shell Pilipinas, Seaoil, CleanFuel and Caltex announced the price adjustments in separate advisories.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) attributed the slight decrease to Saudi Arabia’s expected boost in oil production. It also pointed to a 0.8 million barrel build-up in crude inventories in the United States, which has heightened oversupply concerns in the global market.

The agency cited unpredictable US tariff policies as another factor behind the rollback, saying they have unsettled markets and curbed fuel demand amid slower economic activity. Last week, fuel prices climbed by P1.35 per liter for gasoline, P0.80 for diesel and P0.70 for kerosene. The back-to-back hikes followed post-Holy Week increases of more than P1 per liter, which came on the heels of a significant P3 rollback.

From April 29 to May 5, retail prices of petroleum products in Metro Manila stood at the following per-liter rates:

- Gasoline (RON97/100) - P62.35

- Gasoline (RON95) - P65.03

- Gasoline (RON91) - P53.80

- Diesel - P53.40

- Diesel Plus - P64.30

- Kerosene - P69.87

This week’s changes bring the year-to-date net increase to P3.10 per liter for gasoline and P3.00 for diesel. Meanwhile, kerosene has dropped by a net P2.00 per liter.

Source: philstar.com