MANILA (UPDATED) - Diesel and kerosene prices may drop by as much as P2 per liter as experts forecast a drop in fuel prices on Tuesday, March 21.
Diesel prices may drop by as much as P1.70-P2.00 per liter, while kerosene may take the largest cut at P1.90 to P2.20 per liter.
Gasoline prices will take the smallest cut at P1.20-P1.50 per liter.
This comes after a huge increase in gas and kerosene prices last week, stemming from the increasing demand in China and concerns over the supply of oil coming from Russia.
According to analysts, the closure of some major banks in America contributed to fears of global recession, which can also factor movement in oil prices.
However, the trend may still change in the following weeks as the demand for oil picks up in China anew.
-- Reports from Alvin Elchico, ABS-CBN News