Oil prices drop by up to P1.40

Pump prices are dropping for the first week of March with oil companies Jetti Philippines, Caltex, Seaoil, PetroGazz and Cleanfuel announcing a 90-centavo cut in the price per liter of gasoline effective Tuesday.

The prices per liter of diesel and kerosene, on the other hand, will be cheaper by 80 centavos and P1.40, respectively.

Industry sources said late last week the lower prices could be attributed to the “easing” of the geopolitical conflict following progress on the Russia-Ukraine ceasefire deal.

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Jetti Philippines president Leo Bellas said the rollback may also be due to slower economic growth in the United States, which could affect demand. Last week, local oil companies raised their prices by up to 80 centavos.