MANILA (Philippine Daily Inquirer/Asia News Network): The month of March will end on a positive note for motorists, as pump prices of gasoline, diesel and kerosene will decline by nearly P2 per litre starting Tuesday (March 28).
In separate advisories, local oil firms announced rollbacks in prices of gasoline by P0.85 per litre
This marks the third consecutive week of fuel price rollbacks as world market prices continued to soften, according to the Department of Energy (DOE).
On March 21, oil companies implemented a per litre decrease of P1.20 for gasoline, P1.85 for diesel and P2 for kerosene.
This resulted in a year-to-date net decrease for diesel at P2.85 per litre and kerosene at P3.65 per liter. Gasoline, meanwhile, had a net increase of P5.50 per litre.
Fears around the stability of the US and European banking systems also caused the slump in fuel prices last week, following the collapse of two regional American banks: Silicon Valley Bank and Signature Bank.
Local oil prices depend on the Mean of Platts Singapore (MOPS), or the daily average of all trading transactions of diesel and gasoline in the Singapore market.