Pump price rollback set

Prompted by shifting global market trends, fuel costs will roll back this week following last week's mixed price movements.

In separate advisories on Monday, fuel retailers announced a P0.10 per liter cut in gasoline and diesel prices and a P0.30 per liter cut in kerosene starting tomorrow morning.

Department of Energy Oil Industry Management Bureau Director Rodela Romero attributed the price adjustment to several global factors, including Saudi Aramco’s price hike for Asian buyers, declining production from Iran and Nigeria, and market reactions to US tariff policies.

“Saudi Aramco, the world’s leading oil exporter, announced last Wednesday that they will increase prices on buyers in Asia for March delivery amid rising demand from China and India as US sanctions disrupt Russian supply,” Romero said.

Jetti Petroleum President Leo Bellas, on the other hand, noted that oil prices retreated after former US President Donald Trump agreed to delay steep tariffs on Mexico and Canada to ease supply concerns.

Weaker US demand, following a larger-than-expected buildup in crude oil and gasoline stockpiles, also added downward pressure to prices.

However, the market remains watchful of potential supply disruptions from Iran and the impact of US sanctions on Russian oil exports, which have contributed to higher Saudi crude prices for Asian buyers.

Last week, gasoline prices increased by P0.70 per liter, while diesel and kerosene prices decreased by P1.15 per liter and P0.90 per liter, respectively.