Philippine Fuel Prices Reduced Today

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MANILA, Philippines — After a week of mixed adjustments, oil companies are set to lower pump prices for petroleum products by as much as P0.85 per liter starting today.

In separate announcements, Shell, Caltex, and Seaoil confirmed that gasoline prices will decrease by P0.75 per liter, diesel by P0.85 per liter, and kerosene by P0.80 per liter.

Petro Gazz, Cleanfuel, PTT Philippines, and Jetti will implement the same price reductions, except for kerosene, which they do not offer.

With these latest adjustments, the year-to-date net increases for gasoline and diesel will be P9.60 and P6.90 per liter, respectively. Meanwhile, kerosene will see a year-to-date net decrease of P0.30 per liter.

According to the Department of Energy (DOE), the changes in domestic fuel prices are influenced by bearish trends in the global oil market, driven by expectations of ample supplies and weak demand.

“Additionally, the Gaza ceasefire negotiations threaten to reduce the geopolitical risk premium on crude and petroleum products,” the DOE explained.

The price adjustments also coincide with a 15-day price freeze on kerosene and liquified petroleum gas, following Metro Manila's declaration of a state of calamity.

Last week, gasoline prices rose by P0.10 per liter, while diesel and kerosene prices dropped by P0.40 and P0.70 per liter, respectively.

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