(UPDATE) OIL companies on Tuesday lowered the prices of gasoline and diesel by 10 centavos per liter and kerosene by 30 centavos.
Local oil industry sources cited as the reasons for the rollback Saudi Arabia's announcement that it will raise prices in Asia for March amid rising demand from China and India due to US sanctions disrupting Russian supply, a decline in OPEC production in January amid lower output from Iran and Nigeria, and the oil market reaction to US President Donald Trump's planned imposition of tariffs on Canada, Mexico and China.
