Gasoline prices down by P3.60/liter

MANILA, Philippines, April 15 ------ Motorists can breathe a sigh of relief this Holy Week as fuel prices are set to drop by as much as P3.60 per liter today. In separate advisories, Shell, Caltex and Seaoil announced a reduction of P3.60, P2.90 and P3.30 per liter in gasoline, diesel and kerosene prices, respectively.

Petro Gazz, Cleanfuel, PTT Philippines and Jetti would implement the same adjustments, except for kerosene, which they do not offer. The downward adjustments were a result of the escalating trade tensions between the US and China, according to the Department of Energy (DOE).

DOE-Oil Industry Management Bureau assistant director Rodela Romero said the conflict between the global superpowers has sparked recession fears and dampened demand for crude oil. In the short term, Jetti Petroleum president Leo Bellas expects the sluggish demand, coupled with OPEC’s planned output hike, to “hinder a major rebound” in oil prices.

The latest adjustments bring down the year-to-date net increase for gasoline and diesel prices to P0.95 and P1.55 per liter, respectively. Kerosene prices, on the other hand, have declined by P2.90 per liter since the start of the year. Last week, oil companies rolled back gasoline and kerosene prices by P0.10 and P0.50 per liter, respectively, while diesel prices were unchanged.

Source: philstar.com