Fuel price rollback expected again next week
FILE: A pump boy fuels a motorcycle in a gasoline station along N. Bacalso Street in Cebu City on Tuesday, June 21, 2022. Another round of fuel price increase was implemented in Cebu on Tuesday. CDN Digital file photo
MANILA, Philippines — Oil companies are set to lower fuel prices again next week due to concerns over a global economic slowdown caused by the US tariff war.
On Saturday, Jetti Philippines’ Leo Bellas advised motorists to expect a slight price drop, with diesel decreasing by 20 to 40 centavos per liter.
Gasoline, meanwhile, may remain unchanged or fall by 20 centavos a liter.
READ: Trump threatens retaliatory 200% tariff on European wine
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.
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
