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Saturday, July 5, 2025
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Oil firms cut fuel prices anew—DOE

Oil firms cut pump prices effective 6am today across all products, giving a reprieve to consumers after two weeks of consecutive oil price hikes.

The oil firms announced a price cut in the price of kerosene by P0.90 per liter, diesel by P0.65 per liter and gasoline by P0.55 per liter  due to concerns of oversupply in global markets.

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Seaoil Philippines, PetroGazz, Jetti Petroleum, Cleanfuel, Chevron Philippines and PTT Philippines issued separate advisories of the oil price rollback.

Department of Energy Oil Industry  Management Bureau (OIMB) director Rodela Romero said last week US crude inventories grew by 0.8 million barrels last week while the Kingdom of Saudi Arabia is also looking at raising its output and expanding its market shares.

She said the erratic U.S. tariff policies have also raised concern about weakening global economic growth and fuel demand.

Meanwhile, Jetti Petroleum president Leo Bellas said oil prices declined as the global trade war eroded the outlook for fuel demand, and escalating risk of oversupply due to OPEC’s unwinding of output cuts.

“However, the latest threat of secondary sanctions by the US on Iran caused prices to rally due to worries that Iranian crude oil supply will be reduced should enforcement pushes through,” Bellas said.

On April 29, 2025, local oil companies implemented a price increase of P1.35 per liter for gasoline, P0.80 per liter for diesel and P0.70 per liter for kerosene.

Year-to-date, gasoline and diesel have a total net increase of P3.65 per liter respectively, while kerosene has a total net decrease of P1.10 per liter.

DOE monitoring showed that prevailing retail prices of petroleum products in the National Capital Region for April 22 to 28, 2025 showed that gasoline sells from P44 to P71.86 per liter, diesel from P44 to P73.14 per per liter and kerosene from P67.10 to P83.19 per liter.

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