OIL companies lowered the pump prices of gasoline by P0.85 per liter and diesel by P1.30 per liter on Tuesday, March 28, 2023.

The cost of kerosene was reduced by P1.90 per liter.

The Department of Energy (DoE) said the recent overseas banking concerns and developments led to the drop in global oil prices.

“Oil prices slumped this week as fears around the stability of the US and European banking system in the aftermath of the collapse of two regional American banks — Silicon Valley Bank and Signature Bank — sparked a selloff in risky assets across global markets,” the DoE said.

Last Week, oil firms cut the prices of gasoline by p1.20 per liter, diesel by p1.85 per liter and kerosene by P2 per liter.

The price adjustments resulted in year-to-date net decrease for diesel at P2.85 per liter and kerosene at P3.65 per liter.

Gasoline had a net increase of P5.50 per liter.