Manila: Consumers can expect significantly lower petroleum prices on Tuesday, providing much-needed relief for motorists traveling this Holy Week.
According to Philippines News Agency, in separate advisories, Caltex, Cleanfuel, Seaoil, and Shell have announced plans to slash gasoline prices by PHP3.60 per liter and PHP2.90 per liter for diesel. Additionally, Caltex, Seaoil, and Shell will cut kerosene prices by PHP3.30 per liter.
The oil firms will begin reducing pump prices as early as 6 a.m. on April 15, and other industry players are expected to follow suit.
According to the Department of Energy (DOE), current prices of gasoline in Metro Manila range from PHP50 to PHP73.75 per liter; diesel, from PHP49 to PHP74.74 per liter; and kerosene, from PHP69 to PHP83.19 per liter. The DOE also noted that year-to-date, there has been a total net increase of PHP4.55 per liter for gasoline, PHP4.45 for diesel, and PHP0.40 for kerosene.
Last week, global oil price benchmarks West Texas Intermediate and Brent crude saw declines of 4.62 percent and 4.12 percent, respectively, amid escalating trade tensions between the United States and China. The US Energy Information Agency further adjusted its demand outlook for the commodity due to tariff uncertainties.
On April 2, US President Donald Trump announced reciprocal tariffs worldwide to take effect on April 9, which he dubbed 'liberation day.' However, on the implementation day, Trump issued a 90-day pause on reciprocal tariffs while imposing a blanket tariff of 10 percent, with a significant increase of at least 125 percent on China.
Another factor influencing the lower commodity prices is the announcement by some members of the Organization of the Petroleum Exporting Countries Plus (OPEC+) regarding plans to potentially increase crude oil production.
