An attendant fills a tricycle’s gas tank at a refilling station along Timog Avenue in Quezon City on August 1, 2023. Jonathan Cellona, ABS-CBN News

MANILA — Oil prices are falling in the first week of May. 

Oil companies announced the following price changes effective May 7, Tuesday:

PILIPINAS SHELL, SEAOIL (effective 6 a.m.):
Gasoline - P0.75/liter decrease
Kerosene - P1.05/liter decrease
Diesel - P0.90/liter decrease

CLEANFUEL (effective 12:01 a.m.):
Gasoline - P0.75/liter decrease
Diesel - P0.90/liter decrease

PETROGAZZ (effective 6 a.m.):
Gasoline - P0.75/liter decrease
Diesel - P0.90/liter decrease

Rodela Romero, Director III of the DOE Oil Industry Management Bureau, said the main reason for the reduction in world oil prices is the possibility of a peace agreement between Israel and Hamas as well as increased oil inventory of the United States.

Hamas official says group will not accept truce that does not end Gaza war

Despite the series of rollbacks, Romero said she cannot say that the reduction will continue in the few weeks as geopolitical tensions may again flare up, causing imported fuel prices to rise.

After tomorrow's price slash, there is still a net increase for diesel and gasoline of P4.70/L and P9.25/L, respectively, but kerosene now has a net rollback of P0.80/L.

CHEAPEST, MOST EXPENSIVE

The cheapest diesel in Metro Manila is at Rephil Baesa branch at P52.90/L, while the cheapest 95-octane rating gasoline is at P59/L sold at Roden Ugong, Valenzuela at Talipapa in Caloocan City.

The recent reductions brought the cheapest fuel in Metro Manila to the P50 level.

The most expensive 95-octane gasoline is sold at Total Newport at P83.45 while the most expensive diesel is at Total Tambo selling at P68.10/L.