Motorists can expect relief at the pumps this Holy Week as major oil companies announce substantial gasoline, diesel, and kerosene price reductions.
For the period April 15 to 21, gasoline prices will drop by P3.60 per liter, while diesel prices will decrease by 2.90 per liter. Kerosene prices will also decrease by P3.30 per liter.
Shell Pilipinas, Seaoil, Caltex, and Cleanfuel** confirmed the rollbacks in separate advisories on Monday, April 14. Cleanfuel will implement the same adjustments for gasoline and diesel but will exclude kerosene, as it does not offer the product.
Most companies will enforce the new rates starting 6 a.m. on Tuesday, April 15, while Cleanfuel will implement the changes slightly later, at 8:01 a.m. the same day.
This week’s price cuts– the largest so far in 2024 —were driven by global recession concerns and escalating trade tensions. The Department of Energy’s Oil Industry Management Bureau (OIMB) noted that strained U.S.-China economic relations may have weakened crude oil demand, while Saudi Arabia is expected to lower its official selling price for Asia-bound crude next month.
While the rollbacks provide temporary relief, Jetti Petroleum warned against expecting sustained steep declines, citing risks from sluggish global demand and potential OPEC+ production hikes.
During the period April 8–14, average petroleum prices in Metro Manila stood at P71.44 per liter for RON97/100 gasoline, P58.40 for RON95, and P56.90 for RON91. Diesel was priced at P54.30 per liter (P56.10 for Diesel Plus), while kerosene averaged P71.37 per liter.
After the adjustments take effect, gasoline prices will reflect a net increase of P0.95 per liter since January 2025, while diesel will be up by P1.55 per liter. Kerosene, however, will show a net decrease of P2.90 per liter since the start of the year. (TCSP)
