In a welcome development for motorists, the various fuel retailers have rolled back the cost of petroleum products starting Tuesday. Diesel prices ease by P0.20 per liter while kerosene prices are reduced by P0.40 per liter. However, gasoline prices remain steady.
This marks the third consecutive week of declining petroleum prices, with the adjustments attributed to ongoing unease over global economic events triggered by tariff wars between the United States and various other nations. The consequent slowdown is expected to reduce demand for petroleum products.
Caltex and Seaoil have each reduced the price of diesel by P0.20 per liter and kerosene by P0.40 per liter even as Jetti Petroleum also lowered its diesel by the same token. Jetti does not sell kerosene.
Data from the Department of Energy (DOE) show fuel prices at P55.50 per liter for gasoline (RON91), P53.70 for diesel, and P70.67 for kerosene as of 11 March this year.
The DOE also reported a net increase of P2.15 per liter for gasoline and P3.05 per liter for diesel year-to-date, although kerosene has seen a slight drop of P0.30 per liter.
Jetti Petroleum Inc. president Leo Bellas explained the decrease could have been larger were it not for a weaker US dollar and rising American petroleum inventories. “The weaker US dollar and tighter-than-expected US oil and fuel inventories have helped prevent prices from sliding further,” Bellas said.
Traders note the strength of the US dollar significantly impacts fuel prices. When the dollar strengthens, it becomes more expensive for other countries to buy oil, contributing to upward price pressure. The DOE’s Rodela Romero said traders are also concerned of a possible supply glut that adds pressure on prices.
Motorists can now breathe a sigh of relief as the continued drop in fuel prices offers a much-needed reprieve amid global uncertainties.
