The country’s oil firms will roll back effecive 6am today pump prices by P1.25 per liter for kerosene, P0.90 per liter for diesel and P0.30 per liter for gasoline.
“Petron will implement the following price rollbacks effective 6 am, May 13: P0.30 per liter for gasoline; P0.90 per liter for diesel and P1.25 per liter for kerosene. These reflect movements in the international oil market,” Petron Corp. said in an advisory.
Seaoil Philippines, Jetti Petroleum and Cleanfuel issued separate advisories of the rollback while other oil firms are expected to follow.
This is the second consecutive week of oil price rollback due to forecasts of global supply glut.
Department of Energy Oil Industry Management Bureau (OIMB) director Rodela Romero attributed the lower oil prices to the decision of the Organization of the Petroleum Exporting Countries and its allies to increase June oil production levels, and the US tariff uncertainty which has raised concerns about a possible supply glut.
Romero said last week uncertainty over the outcome of trade talks between the US and China, the world’s two largest oil consumers, also pushed down pump prices.
Jetti Petroleum president Leo Bellas said oil prices have dropped significantly at the start of the week due to oversupply concerns after OPEC+’s decision to boost oil output, but have since rebounded on signs of higher demand in Europe and China, fears of lower US oil production and tension in the Middle East.
“Optimism of a breakthrough in the coming US-China trade deal talks is seen to support prices on the last trading day of the week and consequently reduce the potential rollback in domestic fuel prices next week,” he said.
On May 6, 2025, the oil firms announced a price cut for kerosene by P0.90 per liter, diesel by P0.65 per liter and gasoline by P0.55 per liter.