Oil firms implemented a big price rollback in the price of gasoline and kerosene of P1.70 per liter and P1.80 per liter, respectively, effective 6 a.m. Tuesday.
The oil firms also cut the price of diesel by P0.90 per liter to reflect the movement of prices in the world oil market.
Seaoil Philippines, Jetti Petroleum, Cleanfuel, PTT Philippines and PetroGazz issued separate advisories of the latest oil price movement.
Depart ment of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero said the rollback was driven by the build up of commercial crude oil stockpiles of US; plans of Organization of the Petroleum Exporting Countries and its allies to increase their outputs by April; and the US trade tariffs on Canada, China and Mexico that broaden trade conflicts.
Jetti Petroleum president Leo Bellas said oil prices declined on concerns that the US tariffs, and counter-tariffs by affected countries, will slow down economic growth and reduce fuel demand.
“The decision by OPEC+ to raise output starting April 2025 and the more-than-expected rise in US oil inventory further weighed on oil prices,” he said.
On March 4, the oil firms also rolled back pump prices amounting to kerosene by P1.40 per liter, gasoline by P0.90 per liter and diesel by P0.80 per liter.
Year-to-date, gasoline has a total net increase of P3.85 per liter, diesel by P3.97 per liter while kerosene has total net increase of P1.40 per liter.
The prevailing prices of petroleum products for the National Capital Region for March 4 to 10 range from P52 to P75.80 per liter for gasoline, P50 to P74.24 per liter for diesel and P71.44 to P83.69 per liter for kerosene.