Motorists will benefit from lower diesel and kerosene prices this week as oil firms announced another round of rollbacks this morning.
Fuel retailers will implement a P0.20 per liter decrease for diesel and a P0.40 per liter drop for kerosene, effective tomorrow morning. This marks the third consecutive week of price cuts for these fuels. Gasoline prices, however, remain unchanged.
Department of Energy Oil Industry Management Bureau Director Rodela Romero attributed the price cuts to economic concerns in the U.S. and global markets, which may dampen fuel demand. She also cited fears of oversupply as a factor contributing to the price decrease.
Last week, fuel firms rolled back prices for gasoline by P1.70 per liter, diesel by P0.90, and kerosene by P1.80 per liter.
As of 11 March, the year-to-date adjustments reflect a net increase of P2.15 per liter for gasoline, P3.05 per liter for diesel, and a net decrease of P0.30 per liter for kerosene.