Manila: Oil firms will slash prices of diesel and kerosene on March 18 while maintaining gasoline prices.

According to Philippines News Agency, in separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they will decrease diesel prices by 20 centavos per liter. Caltex, Seaoil, and Shell will also cut kerosene prices by 40 centavos. No price adjustment is seen for gasoline this week. Other local industry players have yet to announce the oil price movement.

This is the third consecutive week that oil companies have implemented price rollbacks. 'Year-to-date, gasoline and diesel have a total net increase of PHP2.15 per liter and PHP3.05 per liter, respectively, while kerosene has (a) total net decrease of PHP0.30 per liter,' the Department of Energy said. The stronger Philippine peso against the US dollar has helped to lower importation cost of fuel products.