The streak of oil price rollbacks is going steady for the third straight week.
Effective Tuesday, March 18, diesel prices will decrease by ₱0.20 per liter, while kerosene will have a drop of ₱0.40 per liter.
Gasoline prices, meanwhile, remain unchanged.
These price slashes were announced by several oil companies, including Shell Pilipinas, Seaoil, Clean Fuel, and Caltex.
Last week, gasoline prices in Metro Manila ranged around ₱55.40 to ₱71.95 per liter, while diesel was around ₱53.70 to ₱58.40 per liter.
Kerosene had a prevailing price of ₱70.67 per liter.
Analysts attributed these movements to global economic uncertainty, particularly in the United States (US), which may have contributed to lower fuel demand.
Additionally, the US has shown a slight strain in its inventories as well as a weaker dollar; however, these drivers also lessen the chances of further price drops.
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) also mentioned that there’s an anticipated oversupply in the oil market, which could slow down potential dramatic oil price spikes in the coming months.
In other news, global oil prices have recently increased by one percent as the US expressed its commitment to continue military actions against groups in the Middle East to stop attacks on global shipping.