INQUIRER FILE PHOTO
MANILA, Philippines — Drivers will see a small decrease in fuel prices this week as local oil companies are reducing gasoline prices by P0.50 per liter, diesel by P0.25 per liter, and kerosene by P0.30 per liter starting Tuesday, March 12.
In separate advisories, fuel firms announced they are slashing oil pump prices starting tomorrow.
CleanFuel will implement the rollback by 12:01 a.m., followed by Shell and Seaoil at 6 a.m.
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The Department of Energy (DOE) Oil Industry Management Bureau attributed this week’s price cuts to “fluctuating demand concerns” in China and the United States.
Despite extended production cuts from members of the Organization of the Petroleum Exporting Countries, the DOE said there was an expected rise in supply coming from non-members.
READ: Price of gas up by P0.50 per liter
Last week, the price per liter of gasoline rose by P0.50 per liter on the back of Russia’s six-month export ban. The prices of diesel and kerosene, meanwhile, went down by P0.40 per liter and P0.35 per liter, respectively.