Oil companies will roll back the prices of their products effective today (Tuesday), in time for the Holy Week break.

In separate advisories, Caltex, Cleanfuel, Seaoil and Shell said they will slash gasoline prices by P3.60 per liter and P2.90 per liter for diesel.

Caltex, Seaoil and Shell will also cut kerosene prices by P3.30 per liter.

The oil firms will reduce pump prices as early as 6 a.m. of April 15.

Other industry players are expected to follow suit.

According to the Department of Energy (DOE), current prices of gasoline in Metro Manila range from P50 to P73.75 per liter; diesel, from P49 to P74.74 per liter; and kerosene, from P69 to P83.19 per liter.

“Year-to-date, gasoline has a total net increase of P4.55 per liter, diesel total net increase of P4.45 while kerosene has a total net increase of P0.40 per liter,” the DOE said.

Last week, global oil price benchmarks West Texas Instrument and Brent crude plunged by 4.62 percent and 4.12 percent, respectively, amid the growing trade tension between the United States and China.

The US Energy Information Agency also lowered the demand outlook for the commodity on tariff uncertainties.

On April 2, US President Donald Trump announced reciprocal tariffs worldwide starting April 9, which he called “liberation day.”

However, on the day of the implementation of the new tariffs, Trump gave a 90-day pause on reciprocal tariffs but still imposed a blanket tariff of 10 percent except China, increasing the giant economy’s tariff by at least 125 percent.

Another development in the global oil market that triggered the lower prices of the commodity is the announcement of some members of the Organization of the Petroleum Exporting Countries Plus (OPEC+) that they are looking into pumping more crude oil.

PNA PHOTO