Oil firms, led by Shell Pilipinas Corp., Chevron Philippines Inc. (Caltex), Petron Corp. and Seaoil Philippines Corp. on Monday announced a cut in the prices of fuel, effective Tuesday, May 13.
The fuel firms said the price of gasoline will go down by P0.30 per liter, diesel by P0.90 per liter, and kerosene by P1.25 per liter.
The price rollback is the second this month, after downward price adjustments last week -- gasoline slashed by P0.55, diesel by P0.65, and kerosene by P0.90.
The Department of Energy - Oil Industry Management Bureau (DOE-OIMB) attributed the fuel price adjustments to the Organization of the Petroleum Exporting Countries' move to increase production in June this year.
The DOE-OIMB also cited the uncertainty over the outcome of trade talks between the United States and China.
With this latest rollback, the year-to-date adjustments bring a net increase of P3.13 per liter for gasoline and P3.00 per liter for diesel, and a net decrease of P2.00 per liter for kerosene as of May 6, 2025.