Oil prices drop in first week of May

ADVERTISEMENT

dpo-dps-seal
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!

Oil prices drop in first week of May

 | 

Updated May 08, 2025 02:22 PM PHT

Clipboard

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News/File

MANILA (UPDATE) — Oil prices are dropping in the first week of May. 

Petroleum companies announced the following price drops effective Tuesday, May 6: 

SHELL PILIPINAS, SEAOIL, CALTEX (effective 6 a.m.)

Gasoline - P0.55/liter decrease

Kerosene - P0.90/liter decrease

ADVERTISEMENT

Diesel - P0.65/liter decrease

CLEANFUEL (effective 8:01 a.m.)

Gasoline - P0.55/liter decrease

Diesel - P0.65/liter decrease

PTT PHILIPPINES, JETTI PETROLEUM (effective 6 a.m.)

Gasoline - P0.55/liter decrease

Diesel - P0.65/liter decrease

ADVERTISEMENT

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 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.

"(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. 

ADVERTISEMENT

— With a report from Agence France-Presse

ADVERTISEMENT

ADVERTISEMENT

It looks like you’re using an ad blocker

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.