Fuel price cuts to greet motorists
A gas station attendant pumps fuel into a customer’s car. After a series of hikes, local motorists will see lower prices this week. REUTERS/Afolabi Sotunde/File Photo
MANILA, Philippines – Motorists can get a minor breather in the first week of May, with oil companies implementing fuel price rollbacks starting Tuesday.
In separate advisories on Monday, Seaoil and Shell Pilipinas said the prices of gasoline would drop by 55 centavos, while diesel will see a cut of 65 centavos per liter.
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Kerosene will also decrease by 90 centavos per liter.
Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, said late last week that the possible price cuts could be attributed to the oversupply in the global market, after crude inventories of the United States recently rose by 0.8 million barrels.
Still, the tariff war triggered by new policies of US President Donald Trump continued to affect sentiments on the global economy and fuel demand.
For the past two weeks, fuel retailers increased the prices of petroleum products, with the latest being as high as P1.35 per liter.
