Sheikh Hasina Wajed, Bangladesh's prime minister, expresses hope for peace in South Asia

Oil prices are expected to see rollbacks starting Tuesday, March 4, with gasoline decreasing by ₱0.90 per liter, diesel by ₱0.80 per liter, and kerosene by ₱1.40 per liter.

Shell Pilipinas, CleanFuel, PetroGazz, Caltex, Seaoil, and PTT Station are among the companies announcing these price adjustments following improvements in global market conditions.

The rollback follows two consecutive weeks of fuel price hikes that saw a cumulative increase of ₱1.50 per liter for gasoline, ₱1.20 per liter for diesel, and ₱0.30 per liter for kerosene.

Analysts attribute this relief to weaker fuel demand in South Korea and rising refined product inventories in the United States, as well as easing geopolitical tensions amid reported progress on a Ukraine-Russia ceasefire deal.

Motorists are also set to benefit from a ₱1.20 per kilogram reduction in liquefied petroleum gas (LPG) prices starting this month.