Manila: A rollback of as much as PHP3.80 per liter is set for domestic fuel prices this week.
According to Philippines News Agency, Seaoil announced on Monday that it will reduce gasoline prices by PHP0.32 per liter, diesel by PHP3.83 per liter, and kerosene by PHP3.84 per liter, effective 6 a.m. on Tuesday. This adjustment is part of a broader trend among fuel companies in response to international market developments.
Jetti Petroleum is also participating in this price reduction, cutting gasoline by PHP0.40 per liter and diesel by PHP3.90 per liter. Petron Corporation will similarly implement price cuts, reducing gasoline by PHP0.30 per liter and both diesel and kerosene by PHP3.80 per liter.
Jetti Petroleum President Leo Bellas had earlier projected the oil price rollback, attributing it to recent price developments on the international stage. Bellas explained that the anticipated US sanctions did not meet market expectations, which eased concerns about immediate supply disruptions. This was viewed as a less risky approach compared to potential military escalations.
Bellas further noted that prices are being influenced by signs of a possible return to diplomatic negotiations aimed at ending the conflict and reopening the Strait of Hormuz. Despite these diplomatic efforts, the market remains cautious due to ongoing supply constraints and the potential for future disruptions.
