Metro Manila, Philippines – Motorists may expect big-time cuts in fuel costs in the first week of March, the Department of Energy (DOE) said on Friday, Feb. 28.
According to DOE estimates, gasoline and diesel prices may go down by up to P1.20 per liter.
Kerosene prices, meanwhile, will go down by P1.30 to P1.50 per liter.
The agency cited as factors South Korea’s sluggish fuel demand due to lower tax benefits and tariffs to be imposed by the US.
Developments in the proposed Ukraine-Russia ceasefire deal, which eased geopolitical risks, may also drive lower prices, the DOE said.
Oil firms raised pump prices on Tuesday.
