Motorists heading out for Holy Week can expect relief at the pumps as oil companies are set to implement a major rollback in fuel prices starting Tuesday — the second consecutive week of reductions and one of the biggest cuts so far this year.

In separate advisories this morning, fuel retailers confirmed that gasoline prices will drop by P3.60 per liter, while kerosene and diesel will decrease by P3.30 and P2.90 per liter, respectively, starting Tuesday morning.

Department of Energy Oil Industry Management Bureau Director Rodela Romero said a combination of global factors pushed oil prices down.

“These include escalating trade tensions between the United States and China, which are stoking fears of a recession and reduced crude demand,” Romero said.

She also pointed to expectations that Saudi Arabia will slash its official selling price for crude shipments to Asia by May and that the Organization of the Petroleum Exporting Countries is moving to boost production to 441,000 barrels per day by next month — a sharp increase from its earlier commitment of 135,000 barrels.

Last week, oil companies cut gasoline prices by P0.10 per liter and kerosene by P0.50 per liter, while diesel prices were left unchanged.

Gasoline has increased by a net P4.55 per liter since the start of the year until 8 April, while diesel rose by P4.45 per liter and kerosene by P0.40.