Oil companies will implement another price rollback on March 28, bringing fuel prices down for three straight weeks.
Starting 12:01 a.m. Tuesday, Caltex, Cleanfuel, Jetti, Phoenix Petroleum, Petro Gazz, Seaoil, Shell and Unioil will reduce gasoline prices by P0.85 per liter and diesel by P1.30 per liter.
Caltex, Seaoil and Shell will also slash kerosene prices by P1.90 per liter.
With the price adjustments last week, gasoline prices since the start of the year increased by P7.60 per liter, diesel prices were higher by P0.15 per liter, while kerosene prices were lower by P1.35 per liter.
According to OilPrice.com, bank concerns shaped the drop in prices in the global oil market last week.
On the other hand, China’s demand and rumors that the United States’ central bank may end its rate hikes fuel hope to markets.
As of writing, West Texas Intermediate crude traded at USD70.14 per barrel and Brent crude amounted to USD75.86 per barrel, improving by 1.27 percent and 1.16 percent, respectively.*PNA
