MANILA, Philippines, March 11 ------ Oil companies are set to cut fuel prices by as much as P1.80 per liter today, driven by higher supply in the global market. In separate advisories, Shell, Caltex and Seaoil announced a rollback of P1.70 per liter for gasoline, P0.90 per liter for diesel and P1.80 per liter for kerosene.
Petro Gazz, Cleanfuel, PTT Philippines and Jetti will implement the same adjustments, except for kerosene, which they do not offer. The price cut, according to the Department of Energy, results from an increase in US oil inventory, as well as plans by OPEC+ to hike oil production starting next month.
Concerns over US tariffs and countermeasures by affected countries, such as Canada, have also exerted downward pressure on domestic pump prices. Industry sources said the tariff war is expected to broaden trade conflicts which, in turn, could adversely affect economic growth and fuel demand. These latest adjustments mark the second consecutive round of price cuts, following last week’s rollback of P0.90, P0.80, and P1.40 per liter for gasoline, diesel and kerosene, respectively.
Year to date, the total adjustment for gasoline and diesel stands at a net increase of P2.15 and P3.05 per liter, respectively. Kerosene prices, on the other hand, have declined by P0.30 per liter since January.
Source: philstar.com
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