Oil prices to drop as global recession fears continue


Posted at Mar 25 2023 12:01 PM

MANILA - Oil prices are expected to decrease for the second week in a row, as global recession fears continue. 

Kerosene prices will take the biggest cut at P1.60 to P1.90. 

Meanwhile, diesel prices will decrease by P1.10 to P1.40, while gasoline will take the smallest drop at P0.70 to P1. 

Analysts attributed this to the closure of some banks in the United States and Switzerland, which lessens demand for oil. 

"Kasi nga po ang sinasabi nila na kapag nagkaroon ng banking crisis, magkakaroon ng recession so babagsak ang demand, so nandun po ang fear no?" Jetti Petroleum president Leo Bellas said. 

-- Report from Alvin Elchico, ABS-CBN News