Fuel prices drop by up to P0.90 per liter starting Tuesday

Fuel retailers announced price rollbacks on Monday, following two consecutive weeks of increases, with Chevron Philippines Inc., Seaoil Philippines Corp., Shell Pilipinas Corp., and Cleanfuel lowering gasoline by P0.55 per liter, diesel by P0.65 to P0.90, and kerosene by varying amounts.

Caltex, Seaoil, and Shell also announced they would reduce gasoline prices by PHP0.55 per liter and diesel prices by PHP0.65 per liter, while cutting kerosene prices by PHP0.90 per liter.

The adjustments take effect at 6 a.m. on Tuesday, May 6, except for Cleanfuel which implements changes at 8:01 a.m.

The Department of Energy-Oil Industry Management Bureau attributed the slight decrease to Saudi Arabia's expected boost in oil production and a 0.8 million barrel build-up in crude inventories in the United States, heightening oversupply concerns in the global market.

Year-to-date adjustments bring the net increase for gasoline and diesel to PHP3.65 per liter each, while kerosene has seen a total net decrease of PHP1.10 per liter as of May 5, 2025.