Fuel prices drop for 3rd week; diesel down ₱0.20, kerosene down ₱0.40

Fuel prices have continued to decrease for the third consecutive week, with analysts attributing these reductions to economic uncertainties and weaker demand signals from the United States.

Effective Tuesday, March 18, diesel prices will drop by ₱0.20 per liter and kerosene by ₱0.40 per liter, while gasoline remains unchanged according to announcements by several oil companies including Shell Pilipinas and Seaoil.

The Civil Aviation Authority of the Philippines (CAAP) notes that these price reductions are a result of global economic factors such as inventory strains in the US and an oversupply in the oil market, which could further stabilize prices in the coming months.

Analysts predict that motorists may continue to benefit from lower fuel costs if current trends persist, although there is a possibility for slight increases due to geopolitical tensions.

The Department of Energy’s Oil Industry Management Bureau (OIMB) highlighted an anticipated oversupply in the oil market which could prevent dramatic spikes in prices.