Petroleum products are set for an oil price cut on Tuesday, Feb. 28.
According to the Department of Energy, pump price rollback will reach up to 90 centavos for each liter of gasoline and P1.50 per liter of diesel, while P1.80 per liter of kerosene products.
Liquefied petroleum gas charges are also expected to have a price cut by P1.50 per kilogram on March 1.
In the Laging Handa briefing, Oil Industry Management Bureau Assistant Director Rodela Romero said the movement in the petroleum products is due to the interest rate of the United States.
“Dahil dito nabuhay muli ‘yung takot sa recession, alam naman natin kapag may recession ang mga tao nagtitipid ng pagbili, bumababa ang demand, pangalawang reason ‘yung paglakas ng dollar against basket ng world currency ang langis dollar-dominated asset,” Romero said. –Report from Naomi Tiburcio/KC-gb
