Oil prices drop in first week of May | ABS-CBN
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Oil prices drop in first week of May
Oil prices drop in first week of May
Published May 05, 2025 09:48 AM PHT
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Updated May 08, 2025 02:22 PM PHT
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/File
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/FileMANILA (UPDATE) — Oil prices are dropping in the first week of May.
MANILA (UPDATE) — Oil prices are dropping in the first week of May.
Petroleum companies announced the following price drops effective Tuesday, May 6:
Petroleum companies announced the following price drops effective Tuesday, May 6:
SHELL PILIPINAS, SEAOIL, CALTEX (effective 6 a.m.)
Gasoline - P0.55/liter decrease
Gasoline - P0.55/liter decrease
Kerosene - P0.90/liter decrease
Kerosene - P0.90/liter decrease
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Diesel - P0.65/liter decrease
Diesel - P0.65/liter decrease
CLEANFUEL (effective 8:01 a.m.)
Gasoline - P0.55/liter decrease
Gasoline - P0.55/liter decrease
Diesel - P0.65/liter decrease
Diesel - P0.65/liter decrease
PTT PHILIPPINES, JETTI PETROLEUM (effective 6 a.m.)
Gasoline - P0.55/liter decrease
Gasoline - P0.55/liter decrease
Diesel - P0.65/liter decrease
Diesel - P0.65/liter decrease
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Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production.
Oil prices slumped on Monday after eight OPEC+ members announced a sharp increase in production.
The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia, and six other members of the oil cartel on Saturday added to concerns about oversupply.
The output increase of 411,000 barrels a day announced by Saudi Arabia, Russia, and six other members of the oil cartel on Saturday added to concerns about oversupply.
The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught.
The price of crude has already been sliding because of fears of a global economic slowdown on the back of US President Donald Trump's tariff onslaught.
"OPEC+ has just thrown a bombshell to the oil market," Jorge Leon, analyst with Rystad Energy, told AFP.
"OPEC+ has just thrown a bombshell to the oil market," Jorge Leon, analyst with Rystad Energy, told AFP.
"(Saturday's) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production," he added.
"(Saturday's) decision is a definitive message that the Saudi-led group is changing strategy and pursuing market share after years of cutting production," he added.
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— With a report from Agence France-Presse
— With a report from Agence France-Presse
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