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Fuel prices rollback on Tuesday

Business

Fuel prices rollback on Tuesday

By Gabriell Christel Galang

Motorists welcome the month of March with a fresh start and lower prices at the pump.

Effective Tuesday, March 4, gasoline prices will decrease by ₱0.90 per liter; diesel, by ₱0.80 per liter; and kerosene, by ₱1.40 per liter.

Shell Pilipinas, CleanFuel, PetroGazz, and Seaoil are among the oil companies that have announced these price adjustments.

Last week, gasoline prices in Metro Manila ranged from ₱59.55 to ₱70.99 per liter; diesel, from ₱57.05 to ₱60.90 per liter; and kerosene was priced at ₱73.87 per liter.

These rollbacks were likely driven by eased geopolitical tensions and slow fuel demand.

According to analysts, the Ukraine-Russia ceasefire improved the previous concerns on oil production and transport.

Slow demand generated from South Korea and the United States were also factors in this week’s fuel price relief.

The decreased demand for fuel in South Korea can be attributed to reduced tax benefits, while the upcoming tariffs and high refined product inventories indicate ample supply, which could suppress demand.

Before the end of February, fuel prices rose as gasoline saw a ₱0.70 increase per liter; diesel jumped by ₱0.40 per liter; and kerosene went up by ₱0.20 per liter.

Meanwhile, liquefied petroleum gas (LPG) prices will also go down this month by ₱1.20 per kilogram (kg).

According to the Department of Energy (DOE), the prevailing price for household LPG in Metro Manila during February averaged at ₱1,098 for an 11-kg cylinder, while auto LPG was priced at ₱43 per liter.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices

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