MANILA, Philippines – Oil companies are set to lower pump prices of petroleum products on Tuesday, March 22, the first time after 11 straight weekly increases.

Pilipinas Shell and Seaoil will reduce prices of gasoline by P5.45 per liter, diesel by P11.45, and kerosene by P8.55. Petro Gazz will implement the same changes, except for kerosene which it does not carry.

The new rates will take effect 6 am on Tuesday. Other companies are expected to follow the same prices.

The rollback comes a week after oil companies implement their largest price hikes yet amid Russia’s attack on Ukraine.

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The rollback is not enough to offset the previous 11 price hikes. Department of Energy data showed that as of Tuesday, March 15, there have been net increases of P20.35 per liter for gasoline, P30.65 for diesel, and P24.90 for kerosene in 2022.

Global oil prices continue to be volatile. Benchmark Brent crude futures settled 8.79% higher at $106.64 a barrel on Friday, March 18, its highest percentage gain since mid-2020. – Rappler.com