Phoenix Petroleum Philippines will cut pump prices by as much as P3 per liter effective 6 a.m. Saturday to reflect the movement of prices in the world market.
“Phoenix Petroleum Philippines will implement an early decrease in the prices of diesel by P2 per liter and gasoline by P3 per liter effective 6 a.m. of 21 March 2020,” the company said.
Other oil companies are expected to follow suit although they historically implement price adjustments every Tuesday.
Laban Konsyumer Inc. president Vic Dimaguiba said oil prices may go down by P2 to P2.60 per liter for diesel and P4 to P4.60 per liter gasoline.
World oil prices continues to plunge due to the coronavirus diesel (COVID-19) amid a significant decline in global demand for transport and other services.
Meanwhile, oil companies like Unioil Petroleum Philippines joined companies saluting all heroic frontliners who are working tirelessly amidst the COVID-19 pandemic by providing a hefty discount for their fuel needs.
Unioil announced that healthcare workers, Philippine National Police/ military personnel, and local government units (LGUs) get P2.50 off per liter on Euro 5 Diesel, P3 off per liter Euro 5 Gasoline 91, and P5 off per liter on Euro 5 Gasoline 95 and 97 at participating Unioil stations starting March 19.
As this developed, the Energy Department through its Oil Industry Management Bureau, gave assurances of unhampered energy services in the downstream oil industry during the quarantine period.
“As the potential impact of the COVID-19 enhanced community quarantine resulted to lessen most of the economic activities in the Philippine energy sector, this crisis shall not diminish our roles to fully cooperate with the government and provide 24/7 energy services to our consumers,” Energy Secretary Alfonso Cusi said.
He said the department has put in place several initiatives such as exempting the delivery of petroleum products and biofuel blend from the quarantine.
This also included the facilitation of discussions with the Finance Department and Bangko Sentral ng Pilipinas on the resumption of foreign exchange trading and settlement to allow the continuous payment of petroleum and ethanol importations.
The department also facilitated the continuous issuance of acknowledgement to import petroleum products since Monday (16 March) via email and issued public notices on price freeze for household LPG and kerosene after President Rodrigo Duterte declared on Tuesday (17 March) a state of calamity throughout the country due to the COVID-19.
The agency also coordinated with the Customs Bureau to prioritize importation of petroleum products and ethanol for supply security.
“We are grateful to have all hands on deck at this critical juncture. Rest assured that the entire energy family will continuously communicate with the industry players and the public to ease their burden as we navigate through these difficult times,” Cusi said.