Oil price rollback set for Tuesday

Motorists can expect an oil price rollback starting Tuesday, May 6, with specific reductions announced by Caltex, Seaoil, and Shell.

Gasoline prices will be cut by P0.55 per liter, diesel by P0.65 per liter, and kerosene by P0.90 per liter.

According to the Department of Energy (DOE), the rollback is driven by signs of oversupply and weakening global demand.

DOE's Oil Industry Management Bureau Director Rodela Romero cited a rise in US crude inventories and possible output increases from Saudi Arabia as contributing factors.

Uncertain US trade policies are also seen to be clouding global economic prospects and fuel demand.

This rollback follows two consecutive weeks of fuel price increases, with last week seeing hikes of P1.35 per liter for gasoline, P0.80 for diesel, and P0.70 for kerosene.

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