Global trends push fuel prices lower for second week
(FILE PHOTO) A gasoline attendant, his movements swift and focused, fills the tank of a truck in Quezon City on Tuesday. The steady rise in fuel prices casts a heavy shadow over the routine task, as the cost climbs with each click of the nozzle, adding to the mounting financial strain felt across the city.
PHOTOGRAPH BY ARAM JAN LASCANO FOR THE DAILY TRIBUNE
Reflecting movements in the global oil market, the prices of fuel sold at the local pumps are set to decline for the second consecutive week.
In separate advisories this morning, fuel retailers confirmed that diesel prices will drop by P0.90 per liter, gasoline by P1.70 per liter, and kerosene by P1.80 per liter starting tomorrow morning.
Department of Energy Oil Industry Management Bureau Director Rodela Romero said the rollback mirrors global market movements, including the buildup of US commercial crude stockpiles, OPEC+’s decision to raise output, and US trade tariffs on Canada, China, and Mexico.
Jetti Petroleum president Leo Bellas, on the other hand, noted that concerns over US trade policies and retaliatory measures have significantly contributed to weaker oil prices.
“The decision by OPEC+ to raise output starting April and the more-than-expected rise in US oil inventory further weighed on oil prices,” Bellas said.
This week’s price cut follows last week’s rollback of P0.90 per liter for gasoline, P0.80 per liter for diesel, and P1.40 per liter for kerosene.