Retailers cite global oversupply and market optimism as key factors
Motorists will see another round of fuel price rollbacks on Tuesday, marking the second consecutive week of reductions and offering welcome relief at the pumps.
Local fuel retailers announced that gasoline prices will drop by P0.30 per liter, diesel by P0.90, and kerosene by P1.25. With last week’s cuts factored in, total reductions now stand at P0.85 for gasoline, P1.55 for diesel, and P2.15 for kerosene per liter over the past two weeks.
Seaoil confirmed it will adjust pump prices accordingly starting 6 a.m. Tuesday. Jetti will implement the same schedule for gasoline and diesel, while Clean Fuel’s adjustments will take effect slightly later, at 8:01 a.m. Clean Fuel and Jetti do not offer kerosene.
According to an independent fuel retailer, the global oil price dip was largely driven by oversupply concerns following the Organization of the Petroleum Exporting Countries (OPEC) and its allies’ decision to raise output.
Jetti Petroleum Inc. president Leo Bellas said the rollback could have been larger were it not for forecast rising demand in Europe and China, spurred by recent positive economic indicators. He noted that optimism in these markets, along with a decline in U.S. oil production and ongoing geopolitical tensions in the Middle East, helped moderate the size of the domestic price drop.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, echoed Bellas’ observations. She added that next week’s price adjustments may hinge on the outcome of ongoing tariff talks between the U.S. and China.
Despite the back-to-back rollbacks, DOE data as of 6 May showed year-to-date net increases of P3.10 for gasoline and P3.00 for diesel, while kerosene remained down by P1.10 per liter. As of April 29, pump prices in Metro Manila averaged P53.80 for gasoline (RON91), P51.00 for diesel, and P69.87 for kerosene.
