Fuel retailers in the Philippines are set to reduce petroleum prices by up to 30 centavos per liter starting Tuesday.
In separate announcements, Seaoil and Shell Pilipinas confirmed that both gasoline and diesel prices would be cut by 10 centavos per liter.
Leo Bellas, president of Jetti Petroleum, explained that these price cuts are linked to recent actions by U.S. President Donald Trump. Specifically, the decision to pause tariffs on Canada and Mexico has influenced the price change.
Bellas further noted that weaker demand in the U.S. – driven by a larger-than-expected increase in crude oil and gasoline stockpiles – and concerns about the escalating China-U.S. trade war have raised fears of slower economic growth. These factors have placed additional pressure on oil prices.
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