Motorists can breathe a sigh of relief as the various fuel retailers implement price rollbacks on gasoline, diesel, and kerosene following last week’s mixed adjustments. Caltex and Seaoil reduced the price by P0.10 per liter for gasoline and diesel, and P0.30 per liter for kerosene. Jetti, Clean Fuel, and PTT also scaled back their price by P0.10 per liter across the board.
The price drop follows concern over the renewed trade tensions between the United States and China, which have raised fears of a slowdown in economic growth, potentially reducing demand for fuel.
Despite the decrease, Jetti Petroleum Inc. president Leo Bellas said the price rollbacks could have been more significant if not for rising freight costs from the refineries to consumers. He also pointed to a sharp increase in Saudi Arabian crude prices due to US sanctions affecting Russian crude supply and concerns about potential disruptions from Iran.
According to the Department of Energy (DOE), the price of gasoline in Manila as of February 4 stood at P58.45 per liter, diesel at P56.55, and kerosene at P73.87. This came after a series of increases in January, which saw gasoline rise by P2.65 per liter, diesel by P4.80, and kerosene by P3.80.
For now, the downward adjustment provides some relief for Filipino motorists facing fluctuating fuel costs.
