Motorists can expect some relief as oil companies are set to implement an oil price rollback in the second week of March.
According to Director Rodela Romero, Assistant Director of the Oil Industry Management Bureau of the Department of Energy, the rollback will take effect on Tuesday.
Here are the expected price reductions for fuel:
- Gasoline: P1.40 – P1.70 per liter
- Diesel: P0.90 – P1.20 per liter
- Kerosene: P1.50 – P1.70 per liter
The upcoming oil price rollback is influenced by several key factors, including a buildup in US stockpiles of commercial crude, the decision of OPEC member countries to increase output by April, and reduced demand from Mexico, Canada, and China due to US trade tariffs. These factors have contributed to the decrease in global oil prices, which in turn has led to the reduction in local pump prices.
