MANILA, Philippines — After four straight weeks of fuel price hikes, motorists will see some relief at the pump starting Tuesday, August 12, with rollbacks of up to P1.50 per liter.
Oil firms will impose price cuts of P0.40 per liter for gasoline, P1.50 per liter for diesel and P1.30 per liter for kerosene.
The adjustment follows last week’s price hike that pushed gasoline and diesel to their highest net increase so far this year.
Shell Pilipinas, Seaoil, CleanFuel and PetroGazz announced the price adjustments on Monday, August 11, in separate advisories.
According to the Department of Energy (DOE), the expected hike in oil production by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) has contributed to the recent decline in fuel prices.
The coalition agreed last week to increase oil supply by around 547,000 barrels per day starting in September due to recent low stocks.
The bigger picture. Unclear repercussions from the United States’ tariff policies are also believed to have contributed to the downward price movement.
Despite the rollback, concerns in the global oil market persist amid trade tensions, with the US threatening to impose another round of tariffs on Russia’s oil buyers — particularly India and China — if Russia refuses to agree to a ceasefire with Ukraine.
Prices at the pump rose last week by P1.90 per liter for gasoline, P1.20 for diesel, and P1 for kerosene, driven by fears of tighter supply due to US and European Union measures targeting Russian oil and US sanctions on Iran.
After this week’s rollback, gasoline prices would have risen by a net P10.80 per liter since the start of the year, diesel by P12.75 and kerosene by P2.65.
