OIL firms announced Monday that they would slash pump prices effective March 11, with the biggest cuts on gasoline and kerosene prices.
In separate advisories, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell will reduce gasoline prices by PHP1.70 per liter and 90 centavos per liter for diesel.
Seaoil and Shell will also roll back kerosene prices by PHP1.80 per liter.
Other oil firms are expected to follow suit.
Industry experts said global developments that influenced oil prices in the world market include the build-up of crude oil stockpiles in the United States, the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut output next month, and the anticipated tempered demand from Canada, Mexico, and China due to their tariff wars with the United States.
Meanwhile, with last week’s price adjustment, current fuel prices in Metro Manila range from PHP52 to PHP78.47 per liter for gasoline, PHP50 to PHP74.24 per liter for diesel, and from PHP71.44 to PHP83.69 per liter for kerosene. (PNA)
