The various fuel retailers have implemented another round of price cuts for all petroleum products, effective today. This marks the second consecutive week of price cuts, highlighting ongoing concerns about the potential slowdown in global economic growth.
Major fuel retailers, including Shell and Seaoil, have reduced gasoline prices by P1.70 per liter, diesel by P0.90, and kerosene by P1.80 per liter. Other independent fuel brands like Jetti, Clean Fuel, and PTT have also adjusted their prices for gasoline and diesel, though they do not offer kerosene products.
This week’s price adjustments represent the largest weekly reductions in gasoline and kerosene prices for 2025, offering some relief to consumers. As of 4 March, the Department of Energy (DOE) reported that prices per liter are the following: P60.95 for gasoline (RON91), P54.60 for diesel, and P72.47 for kerosene.
But even with the price cuts, DOE data indicated significant year-to-date net increases, with gasoline up by P3.85 per liter, diesel rising by P3.35, and kerosene by P2.10.
Industry experts suggest the price cuts were driven by concerns over the global economic slowdown, exacerbated by ongoing trade tensions. Leo Bellas, president of Jetti Petroleum Inc., explained that rising tariffs imposed by the U.S. on several countries and their retaliatory tariffs have dampened economic growth expectations. Additionally, he noted that a decision by OPEC+ countries to increase oil output starting in April this year and an unexpected rise in U.S. oil inventories further pushed global oil prices lower.
Rodela Romero, director of the DOE’s Oil Industry Management Bureau, echoed Bellas’ sentiment, linking the broader economic strain to rising trade conflicts, particularly between the U.S. and key trading partners such as Canada, China, and Mexico.
As the economic landscape remains uncertain, these price adjustments highlight the interconnectedness of global trade policies and the oil market, which continues to influence fuel costs at the local level.
