Following two consecutive price hikes in petroleum products, consumers can expect a rollback on the first Tuesday of March.

According to Asst. Director Rodela Romero of the Department of Energy (DOE)-Oil Industry Management Bureau, the price reduction could range from ₱0.90 to ₱1.20 per liter for both gasoline and diesel.

Kerosene, on the other hand, may see a rollback of ₱1.30 to ₱1.50 per liter.

Romero explained that this reduction is due to the declining demand in Korea, driven by lower tax benefits and progress in the ongoing ceasefire talks between Russia and Ukraine.