Oil firms cut gas, kerosene prices

MANILA, Philippines, April 8 ------ Oil companies are poised to roll back fuel prices today, defying earlier hike forecasts amid a weak global economic outlook and looming oversupply risks. In separate advisories, Shell, Caltex and Seaoil announced a rollback of P0.10 per liter for gasoline and P0.50 per liter for kerosene, with no change in diesel prices. Petro Gazz, Cleanfuel, PTT Philippines and Jetti will implement the same adjustments, except for kerosene, which they do not offer.

Pump prices were initially expected to increase this week, but the Department of Energy (DOE) said the abrupt change followed the decline in crude prices last Friday, coupled with a stronger peso. The local currency strengthened to P56.821 against the dollar last Friday, following recent tariff announcements by US President Donald Trump on trading partners.

DOE-Oil Industry Management Bureau assistant director Rodela Romero told The STAR yesterday that oil prices also eased due to surprise output hikes by OPEC+ and an increase in US oil inventory. Once the latest adjustments take effect, the year-to-date net increases for gasoline, diesel and kerosene will stand at P4.55, P4.45 and P0.40 per liter, respectively.

Source: philstar.com