6 days ago
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Motorists will catch a break with another round of oil price rollbacks in the second week of March.
Starting Tuesday, March 11, gasoline prices will go down by ₱1.70 per liter, while diesel prices will cut back by ₱0.90 per liter.
Kerosene is also set to go down by ₱1.80 per liter.
These piso sales were announced by several oil companies, including Shell Pilipinas, Seaoil, and Clean Fuel.
Last week, gasoline prices in Metro Manila weighed at around ₱58.65 to ₱73.65 per liter, while diesel was somewhere between ₱54.60 and ₱59.30 per liter.
Kerosene cost ₱72.47 per liter during the first week of this month.
The build-up of commercial crude on stockpiles from the United States (US), alongside potential concerns on lower demand for fuel, were the attributed factors of this week’s rollback.
According to analysts, increased crude supply may have minimized the risks of a fuel price increase, while the ongoing US tariffs have worried consumers of an economic slowdown, which, in turn, could decrease fuel demand.
Meanwhile, OPEC+ have planned on raising their production by April, which could bring in more fuel supply in the coming months.
According to current global reports, Saudi Aramco, the world’s top petroleum exporter, has lowered crude oil prices for Asian buyers after a recent market analysis and the OPEC+ decision.
