Oil firms rolled back pump prices by P0.50 per liter for kerosene and P0.10 per liter for gasoline, effective 6 a.m. Tuesday, to reflect the ongoing volatility in world oil prices.
The oil price rollback for kerosene and gasoline is a reversal of previous forecasts of a possible oil price increase of up to P0.60 per liter. The oil firms, however, did not move diesel prices.
“The combination of increased oil production and a weak global economic outlook are the factors that led to the sharp decline in the prices of crude oil and refined fuel products, leading to the abrupt change in the direction of movement of domestic prices [this week],” Jetti Petroleum president Leo Bellas said.
Bellas said last week that based on the Mean of Platts Singapore (MOPS) and forex average for the first four days versus last week’s full-week average, gasoline prices would likely go up by P0.50 to P0.70 per liter and diesel by P0.40 to P0.60 per liter.
Jetti Petroleum, Seaoil Philippines, Petro Gazz, Chevron Philippines, PTT Philippines, and Cleanfuel issued separate advisories of the oil price rollback.
Department of Energy Oil Industry Management Bureau (OIMB) Director Rodela Romero said last week that gasoline might increase by P0.30 to P0.70 per liter and diesel by P0.20 to P0.60 per liter, while kerosene would have no adjustment or might increase or decrease by P0.20 per liter.
On April 1, 2025, local oil companies implemented a price increase of P1.40 per liter for gasoline and P1.20 per liter for diesel and kerosene.
Year-to-date, gasoline has a total net increase of P4.65 per liter, diesel has a total net increase of P4.45 per liter, while kerosene has a total net increase of P0.90 per liter.
Prevailing retail prices of petroleum products in the National Capital Region for the week of April 1 to 7, 2025, showed that gasoline sells from P50 to P74.90 per liter, diesel from P49 to P74.74 per liter, and kerosene from P69.20 to P83.69 per liter.
Prices vary depending on the brand, location of the station, and market forces.
