Pump prices are down this week, snapping a two-week streak of increases, as global oil markets react to weak demand and easing geopolitical tensions.
In separate advisories this morning, fuel retailers announced a rollback of P0.90 per liter for gasoline, P0.80 per liter for diesel, and P1.40 per liter for kerosene. The adjustments are effective tomorrow morning.
Department of Energy Oil Industry Management Bureau Director Rodela Romero said the decline was driven by lower demand in South Korea, high US fuel inventories, progress in Ukraine-Russia ceasefire talks, and the potential impact of upcoming US tariffs.
Jetti Petroleum president Leo Bellas added that optimism over the possible lifting of Russian sanctions and expectations of higher global oil output also contributed to the price drop.
Despite fresh US sanctions on Iran, market concerns over tight supply have eased due to the ongoing trade war’s potential impact on oil demand.
Last week, fuel prices rose for the second week, with oil firms raising gasoline by P0.70 per liter, diesel by P0.40, and kerosene by P0.20.