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Fuel prices slashed in time for Holy Week

Business

Fuel prices slashed in time for Holy Week

As motorists gear up for the Holy Week traffic rush, a drop in fuel prices offers some relief at the gas pumps for travelers taking advantage of the break.

Effective Tuesday, April 15, gasoline prices will see a ₱3.60-per-liter drop, while diesel will go down by ₱3.30 per liter.

Shell Pilipinas, Seaoil, Cleanfuel, and Petro Gazz have already announced the price adjustments.

Kerosene is also getting a ₱2.90-per-liter price slash this week.

This marks the second rollback in April, with gasoline weighing around ₱56.90 to ₱71.44 per liter in Metro Manila, while diesel averaged between ₱54.30 and ₱56.10 per liter.

Kerosene stood at ₱71.37 last week.

This week’s price cuts are the largest so far this year, driven by global recession fears and heightened trade tensions.

According to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), economic tides between the United States (US) and China could have resulted in lower demand for crude oil, while Saudi Arabia is anticipated to cut its official selling price for Asia-bound crude by next month.

While recent oil price rollbacks offer motorists a chance to fill up their tanks, Jetti Petroleum cautions that a dramatic drop in prices remains unlikely due to risks from weaker global demand and increased production by OPEC+ nations.

In other news, Saudi Arabia is seen to support higher oil output—a shift from its usual role of balancing the market—even as other oil-producing nations stick to their production plans.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices HOLY WEEK

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