The Daily Tribune
Pump prices drop next week
Pump prices are expected to decrease next week, ending a two-week period of increases, due to factors like weak global demand and easing geopolitical tensions.
Department of Energy Oil Industry Management Bureau Director Rodela Romero indicated that a rollback is anticipated based on early trading data and market developments.
Potential price drops are estimated to be between P0.90 to P1.20 per liter for gasoline and diesel, and P1.30 to P1.50 per liter for kerosene.
Factors contributing to the expected rollback include lower demand in South Korea, high US fuel inventories, progress in Ukraine-Russia ceasefire talks, and potential impacts of US tariffs.
Jetti Petroleum President Leo Bellas also projected price reductions, citing weak US economic growth fears impacting demand and optimism over possible Russian sanctions lifting and increased global oil output.
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Fuel prices are set to decrease starting March 4, with gasoline down by P0.90 per liter, diesel by P0.80 per liter, and kerosene by P1.40 per liter.
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Motorists can expect another rollback in petroleum prices in the second week of March.
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Motorists can anticipate a rollback in fuel prices starting March 4, with reductions expected for gasoline, diesel, and kerosene.
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