Fuel price cuts seen for 3rd straight week
Oil companies are expected to slash the prices of petroleum products again next week amid worries about a possible global economic slowdown due to the US-triggered tariff war.
In an advisory on Saturday, Jetti Philippines Leo Bellas said motorists could expect a slight reduction in pump prices, with diesel seen decreasing by 20 centavos to 40 centavos per liter.
Gasoline, meanwhile, may remain unchanged or fall by 20 centavos a liter.
Slow economic growth
Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, also estimated a drop in oil prices. She said gasoline may dip by 10 centavos to 40 centavos a liter. Diesel and kerosene may post a rollback of up to 60 centavos per liter.
If fuel retailers implement these price cuts, this would be the third consecutive week of oil rollback.
“The price decline is due to concerns that the tariff wars could slow down economic growth and curtail global fuel demand. Mounting fears of a US economic slowdown have also weighed on prices,” Bellas said.
US President Donald Trump signaled broader trade tensions as he ordered new 25 percent tariffs on imports from Mexico and Canada and another 10 percent on Chinese goods.
“However, the weaker US dollar and data that showed a tighter-than-expected US oil and fuel inventories have helped prices from sliding down further,” the Jetti official added.
