Fuel price rollback poised by March 4
After two consecutive weeks of increases, oil companies are expected to reduce the prices of petroleum products by March 4, industry sources said.
In an advisory on Saturday, Unioil said the prices of diesel and gasoline would be slashed by 80 centavos to P1 per liter.
Leo Bellas, Jetti Philippines president, was also seeing downward adjustments in fuel prices. He said the per-liter price of gasoline may decrease by 90 centavos to P1.10.
For Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, higher price cuts are possible next week.
She said both gasoline and diesel may go down by up to P1.20 a liter. Kerosene, meanwhile, is also seen to have a rollback of P1.30 to P1.50 per liter.
Some of the external factors affecting the rollback include the “easing” of the geopolitical conflict following progress on the Ukraine-Russia ceasefire deal, Romero said.
“Oil prices fell this week following reports of weak economic growth in the US that fed fears of slower demand,” Bellas also said in a separate advisory.
Last week, fuel retailers increased pump prices by up to 80 centavos.
