Petroleum prices drop after three weeks of hikes

Next week, motorists will see a rollback in retail prices for petroleum products following three consecutive rounds of price increases this year.

According to advisories from Seaoil Philippines Corp., Shell Pilipinas Corp., and Cleanfuel (excluding kerosene), gasoline prices will drop by P0.80 per liter, diesel by P0.20 per liter, and kerosene by P0.50 per liter starting Tuesday, January 28.

This marks the first pump price reduction this year following three consecutive weeks of price hikes.

Retailers raised prices last Tuesday, January 21, by P1.65 per liter for gasoline, P2.70 per liter for diesel, and P2.50 per liter for kerosene, bringing year-to-date adjustments to a net increase of P3.45 per liter for gasoline, P5.00 per liter for diesel, and P4.30 per liter for kerosene.

Market analysts are also considering how President Donald Trump's proposed tariffs might influence global economic growth and energy demand.

The transport group PISTON previously criticized last week's fuel price hike, stating it has become increasingly burdensome for their members who are already facing a high cost of living.