Oil prices rolled back today

MANILA, Philippines — Oil companies have announced another oil price rollback effective today, March 21.

In separate advisories, the different oil players announced a P1.20 per liter rollback for gasoline and a P1.85 per liter rollback for diesel.

Those who issued announcements yesterday were Pilipinas Shell, PTT Philippines, Caltex, Petro Gazz, Seaoil and Shell.

This developed as Caltex, Seaoil and Shell said they would also cut kerosene prices by P2 per liter.

Other oil firms are expected to follow suit.

Today marks the second week that retailers reduced the prices of diesel and kerosene.

Energy officials said that fears of a financial crisis following the collapse of Silicon Valley Bank in the US spilled over to the oil market.

Likewise, the Organization of the Petroleum Exporting Countries and its allies attributed the adjustments in oil prices last week to developments in the US banking sector, namely the collapse of the Silicon Valley Bank and the crises in Signature Bank and, more recently Credit Suisse and First Republic Bank.

Oil prices fell last week after comments from US Federal Reserve chair Jerome Powell stoked rate hike fears and as the US dollar continued to rally, according to the Department of Energy.

Year-to-date net decrease for diesel is at least P1.00 per liter and kerosene at P1.65 per liter. Gasoline, on the other hand, has a net increase of P6.70 per liter.