The country’s oil firms implemented another hefty price rollback of as much P3.50 per liter effective Tuesday, March 24, to reflect the movement of prices in the world oil market.
The oil firms cut the price of gasoline and kerosene by P3.50 per liter and diesel by P2 per liter.
“Petron will implement the following price rollbacks effective 6 a.m. on March 24: P3.50/li for gasoline; P2.00/li for diesel; and P3.50/li for kerosene. These reflect movements in the international oil market,” Petron Corp.,” the country’s biggest oil firm said.
Other oil firms also cut pump prices namely Pilipinas Shell Petroleum Philippines, Seaoil Philippines, Total Philippines, PetroGazz and PTT Philippines also cut pump prices.
Phoenix Petroleum Philippines cut pump prices ahead of the other oil firms starting 6am on March 21, implementing a rollback of P2 per liter for diesel and P3 per liter for gasoline.
This is the third consecutive weekly oil price rollback as countries become severely affected by the coronavirus (COVID-19.
World oil prices plunged in the past weeks after Russia rejected the Organization of Petroleum Exporting Countries’ (OPEC) call for deeper production curbs in the wake of the COVID-19 global demand drop.
This prompted Riyadh and the UAE to say they would both ramp up output to record levels.
For its part, Russia is set to fully return to production levels reached before the OPEC+ deal in October 2018, restoring about 200,000 barrels per of production.
Saudi Aramco also bared plans to raise its output capacity to more than 12 million bpd starting April.
Last March 14 to 17, the oil companies implemented price rollbacks of P4.25 per liter for gasoline and diesel, and P4.35 to P4.50 per liter for kerosene.
Year-to-date adjustments stands now at a net decrease of P9.35 per liter for gasoline, P11 per liter for diesel and P12.79 per liter for kerosene, according to latest data from the Energy Department.
