Motorists across the region are presented with much-needed relief as the fuel retailers roll back the price of petroleum products beginning Tuesday morning, marking the first price cut of the year after three consecutive weeks of hikes.
Seaoil and Caltex lowered their price by P0.80 per liter for gasoline, P0.20 per liter for diesel, and P0.50 per liter for kerosene. Jetti and PTT implemented similar cuts of P0.80 per liter for gasoline and P0.20 per liter for diesel.
The price adjustments come as a response to ongoing global uncertainties, particularly the potential impact of additional tariffs being considered by U.S. President Donald Trump. The tariffs could significantly affect trade relations and global economic conditions, creating ripple effects on energy prices.
According to Leo Bellas, president of Jetti Petroleum Inc., Trump’s tariff proposal has contributed to volatility in the global crude oil market. “The global crude market has been affected by Trump’s recent moves, and this uncertainty is expected to influence global economic growth and energy demand,” Bellas said.
In addition to tariff concerns, easing geopolitical tensions in the Middle East have provided some relief to global oil prices. “The easing of tensions in the Middle East could lighten disruptions to shipping routes, especially in the Red Sea, while regional supply remains sufficient, helping to stabilize price benchmarks for diesel and gasoline,” Bellas explained.
Data from the Department of Energy (DOE) shows that as of 21 January, the average price per liter of gasoline in Manila was P58.05, diesel at P61.25, and kerosene at P75.27. Despite the rollback, overall price increases for the year have been substantial, with gasoline up by P3.45 per liter, diesel by P5, and kerosene by P4.30.
For motorists, this price adjustment offers a momentary break from the pressure of rising fuel costs, but uncertainty in the global market means further price fluctuations are still possible in the weeks to come.
