Global oil supply shifts trigger minor price rollback on Tuesday

Upgrade to High-Speed Internet for only ₱1499/month!

Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.

Visit Suniway.ph to learn

Motorists can expect a slight reprieve this week, as fuel prices are set to ease.

Beginning Tuesday, April 8, gasoline will see a modest decrease of ₱0.10 per liter, while diesel prices will remain unchanged. Kerosene is also slated for a ₱0.50 per liter reduction. 

Oil companies, including Shell Pilipinas, Seaoil, and Clean Fuel, have already announced these rollbacks for the second week of April. 

Last week, gasoline prices in Metro Manila fluctuated between ₱60.35 and ₱71.48 per liter, while diesel hovered around ₱53.10 to ₱56.10. Kerosene stood at ₱71.87 per liter. 

The potential for price spikes rattled observers last week, driven by shifts in the global oil market, particularly following the US' imposition of reciprocal tariffs on the Philippines and other nations. 

However, Jetti Petroleum pointed out over the weekend that increased oil production, combined with a subdued global economic outlook, has driven down crude and refined oil prices this week. 

Earlier concerns centered on anticipated slowdowns in China's refinery output for March and April, as well as stricter sanctions and secondary tariffs on countries like Iran, Venezuela, and Russia. 

Furthermore, a reduction in Kazakhstan’s oil output had fueled worries about global oil supply. 

Despite the US's 17-percent reciprocal tariff on the Philippines, fuel industry players remain concerned about the potential medium to long-term effects, including possible trade flow disruptions.