Watch more News on iWantTFC

MANILA (UPDATED) – Oil prices are forecast to drop for a second straight week, according to industry players.

This is also the third rollback of the year, after oil prices skyrocketed the past few weeks due to Russia's invasion of Ukraine.

Gasoline prices could drop by P1 to P1.20 per liter on Tuesday.

Diesel will have a slight decrease in prices at P0.30 to P0.50 per liter, while kerosene will go down by P2.80 to P3.

This is after the world market posted lower trading prices, China extending its COVID-19 lockdown, on top of Russian forces retreating from Kyiv in Ukraine.

Since the start of 2022, oil prices started increasing as tensions between Ukraine and Russia escalated.

At one point, the market saw a P12 increase per liter of diesel.

• Putin has given up on conquering Kyiv, says Pentagon chief
• Ukraine claims Kyiv region as Russian pullback reveals horror

Ukraine last Saturday said it regained control of Kyiv region.

US Defense Secretary Lloyd Austin said Russian President Vladimir Putin has given up on conquering Kyiv after his forces were turned back by Ukraine's military.

Despite decreases in gas prices the last three weeks, diesel prices this year have increased by as much as P26; gasoline posted a P16 increase while kerosene prices increased by P24.

– With reports from Alvin Elchico, ABS-CBN News