Oil companies rolled back pump prices by as much as ₱1.50 per liter effective 6 a.m. Tuesday, reflecting lower global oil prices.
Diesel prices dropped by ₱1.50 per liter, kerosene by ₱1.30, and gasoline by ₱0.40. The rollback follows increased production from the Organization of the Petroleum Exporting Countries and continued uncertainty over U.S. trade policies.
Seaoil Philippines, Cleanfuel, and Jetti Petroleum announced the adjustments, with other firms expected to follow. Jetti Petroleum president Leo Bellas attributed the rollback to weaker global prices, boosted supply from China, and expectations of a diplomatic resolution to the war in Ukraine.
Losses were limited by a larger-than-expected draw in U.S. crude oil stockpiles, strong Chinese crude imports in July, and higher Saudi prices for Asia. The Department of Energy estimated similar price cuts: gasoline down ₱0.25, diesel down ₱1.25, and kerosene down ₱1.20 per liter.
The rollback comes after a hike on Aug. 5, when prices rose by ₱1.90 for gasoline, ₱1.20 for diesel, and ₱1 for kerosene due to lower U.S. gasoline inventories and strong summer demand.
