Kerosene led the latest oil price rollback across all petroleum products at P1.90 per liter effective 6 a.m. today (Tuesday) to reflect the softening of prices in the world oil market.
Oil firms also cut the price of diesel by P1.30 per liter and gasoline by P0.85 per liter.
“Phoenix Petroleum Philippines will decrease the prices of gasoline by P0.85 per liter and diesel by P1.30 per liter effective 6AM of 28 March 2023,” the company said in its advisory.
Jetti Petroleum, Seaoil Philippines, Cleanfuel, Chevron Philippines and PetroGazz issued separate advisories of the oil price rollback and more companies are expected to follow.
This is the third consecutive week of oil price rollback for diesel and kerosene and the second consecutive week of price cut for gasoline.
The Department of Energy last week confirmed the price rollback, “primarily due to the concerns that risks in the global banking sector and potential increase in the US interest rates could spark recession thereby cutting fuel demand.”
The build up in US crude inventories and slide of the US dollar also impacted on oil prices.
On March 21, the oil companies also cut pump prices of P1.20 per liter for gasoline, P1.85 per liter for diesel and P2 per liter for kerosene.
These resulted in a year-to-date net decrease for diesel at P2.85 per liter and kerosene at P3.65 per liter.
Gasoline on the other hand, has a net increase of P5.50 per liter.