Philstar
Oil firms roll back pump prices today
Motorists will experience the first fuel price rollback of the year starting Tuesday, January 28, with reductions in gasoline, diesel, and kerosene prices.
Gasoline prices are set to decrease by P0.80 per liter, diesel by P0.20 per liter, and kerosene by P0.50 per liter.
The Department of Energy attributes this rollback to the reopening of refineries and ports in the US Gulf Coast after a winter storm.
The DOE also noted that the oil market is closely monitoring how US President Donald Trump's proposed tariffs could impact global economic growth and energy demand.
These latest adjustments bring the year-to-date net increases of gasoline, diesel and kerosene to P2.65, P4.80 and P3.80 per liter, respectively.
Last week, domestic pump prices increased by nearly P3 per liter due to concerns that tougher sanctions on the Russian oil industry could tighten supply in the global oil market.
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