Manila: For two consecutive weeks, oil firms will slash pump prices effective March 11, with the biggest cuts on gasoline and kerosene prices. In separate advisories, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell stated they will reduce gasoline prices by PHP1.70 per liter and 90 centavos per liter for diesel. Seaoil and Shell will also roll back kerosene prices by PHP1.80 per liter. Other oil firms are expected to follow suit.

According to Philippines News Agency, industry experts have identified several global developments that have influenced oil prices in the world market. These include the build-up of crude oil stockpiles in the United States, the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to cut output next month, and the anticipated tempered demand from Canada, Mexico, and China due to their tariff wars with the United States.

Meanwhile, with last week's price adjustment, current fuel prices in Metro Manila range from PHP52 to PHP78.47 per liter for gasoline, PHP50 to PHP74.24 per liter for diesel, and from PHP71.44 to PHP83.69 per liter for kerosene.