Diesel to drop PHP 11.45 tomorrow

After 11 straight weeks of non-stop fuel price hikes, we're happy to report that there will be a major rollback in gasoline, diesel, and kerosene prices.

Starting tomorrow, March 22, the price of diesel will rollback PHP 11.45 per liter. Meanwhile, gasoline will be cheaper by PHP 5.45 per liter. Last but not least is kerosene which will get a PHP 8.55 rollback. With it, diesel will once again be cheaper than gasoline in filling stations tomorrow.

Oil companies such as Caltex, Cleanfuel Petrogazz, PTT, Shell, Seaoil, and Total have already released advisories regarding the price rollback tomorrow. Caltex will adjust its prices as early as 12:01 AM tomorrow, while Petrogazz, PTT, Seaoil, Shell, and Total will lower their prices at 6:00 AM. As for Cleanfuel, they will only rollback their prices at 4:01 PM.

The rollback in gas, diesel, and kerosene prices can be attributed to several factors. Last week, the price of Brent Crude Oil dipped below USD 100 per barrel. Meanwhile, China imposed a massive lockdown after a steep jump in active daily infections, slowing the country's consumption of oil.

There were also hopes for cease-fire talks between Ukraine and Russia after President Zelensky said they are no longer interested in joining the North Atlantic Treaty Organization (NATO).

With oil prices on the way down, does this mean there will be rollbacks week after week? Despite recent global events driving oil prices lower, many expect its price to continue being volatile and unpredictable given the circumstances. Currently, Brent Crude Oil is averaging between USD 100 to 110 per barrel. This means there could be weeks of rollbacks and price hikes in a specific month.

For those that have been conserving fuel since last week's big price hike, tomorrow's rollback will provide some much-needed relief for cash-strapped motorists.