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Gasoline down by ₱0.30, diesel by ₱0.90 per liter Tuesday

Business | The Economy

Gasoline down by ₱0.30, diesel by ₱0.90 per liter Tuesday

By Gabriell Christel Galang

Motorists are in for another break as fuel prices are slated to decrease again this midterm election week.

Starting Tuesday, May 13, the price of gasoline will go down by ₱0.30 per liter, diesel by ₱0.90 per liter, and kerosene by ₱1.25 per liter.

Shell Pilipinas and Seaoil are among the oil companies that have already announced these price adjustments.

Adding to this week's price cuts, Seaoil Philippines has announced a special discount just for voters, offering ₱4 off per liter of gasoline and ₱2 off per liter of diesel.

Last week, analysts predicted these price drops, pointing to a jump in global oil production and potential trade talks between the United States (US) and China.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) highlighted OPEC+'s decision to increase production levels by June, while also mentioning the global tariff uncertainty that could lead to higher oil production in the coming months.

Kazakhstan, an oil-producing nation, will continue to ramp up its crude production in May, even with the quota agreed upon by other member countries.

Furthermore, Jetti Petroleum saw a potential upside from the US-China trade discussions; however, they noted this could also increase demand in Europe and China, and ongoing Middle Eastern tensions could impact oil prices in the weeks ahead.

Earlier in May, the DOE-OIMB reported a decrease in Dubai crude prices by $4.20 per barrel, while international gasoline prices fell by $1.70 per barrel and diesel by $2.10 per barrel.

Related Tags

Oil price rollback oil prices oil price adjustment

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