Fuel prices expected to fall week of February 28  

The love month wraps up with a small bit of good news for motorists as fuel price rollbacks are expected at the pumps for February 28, 2023. 

Consumers can look forward to fuel price rollbacks this week  

In the latest advisory by fuel price monitor PH Fuel Watch on its Facebook page, diesel prices will reportedly be slashed from Php 1.30 to Php 1.60 per liter. Meanwhile, gasoline is anticipated to be from Php 0.80 to Php 1.00 per liter cheaper, and kerosene will go down by between Php 1.50 and Php 1.80 per liter. The final prices will vary depending on station and location. 

Pilipinas Shell announced that it will be implementing rollbacks of Php 0.70 per liter for gasoline, Php 1.30 per liter for diesel, and Php 1.80 per liter for kerosene. These will take effect on Tuesday at 6:00 a.m. 

Unioil has also given notice that it will reduce diesel prices from Php 1.20 to Php 1.40 per liter, while prices of its gasoline products will also go down by Php 0.70 to Php 0.90 per liter. 

Unioil has advised its customers of the upcoming fuel price adjustments

Prices of liquefied petroleum gas or LPG are also expected to go down by Wednesday, March 1, adding more relief for consumers. Reductions are calculated to be between Php 1.00 and Php 1.50 per kilogram. 

According to industry experts, the trend of falling prices in the world market can be attributed to increasing inventory in major energy markets such as the U.S., the world’s biggest oil consumer.    

However, analysts warn that the trend could reverse as early as next week. Speculation surrounding Russia’s plan to further cut oil production could contribute to impending oil price increases, as well as China’s additional oil imports due to growing demand. 

According to data from the Department of Energy (DOE), domestic fuel prices since the start of 2023 have increased by Php 6.00 per liter for gasoline, while diesel and kerosene have generally decreased by Php 1.10 and Php 0.50 per liter, respectively.   

Fuel up on more pricing updates at the pumps with Philkotse.com.