The country’s oil firms cut pump prices early Tuesday by as much as P1.15 per liter for diesel to reflect the movement of prices in the world market.
“Petron will implement the following price rollbacks effective 6 a.m. on April 21: P0.55 per liter for gasoline; P1.15 per liter for diesel; and P0.60 per liter for kerosene,” Petron Corp., the country’s biggest oil firm, said in a statement.
Pilipinas Shell Petroleum Corp., Phoenix Petroleum Philippines, PTT Philippines, Total Philippines, PetroGazz, Flying V and Seaoil Philippines issued separate advisories for their rollbacks.
World oil prices plunged as traders are not convinced that the production cut implemented by the Organization of the Petroleum Exporting Countries will offset the huge slowdown in global demand due to the coronavirus pandemic (See related story on A6 – Editors).
Prices went up slightly shortly after OPEC and its allied countries agreed to cut down production by about a tenth of global oil supply.
OPEC members, Russia, and its allies agreed at the G20 energy summit last April 10 to slash 10 million barrels per day in May and June.
On April 14, oil firms raised the price of gasoline by P0.55 per liter and diesel by P0.15 per liter but cut the price of kerosene by P0.20 per liter.
Prior to the latest rollback, year-to-date adjustments are now at a net decrease of P14.52 per liter for gasoline, P13.94 per liter for diesel, and P19.15 per liter for kerosene, according to the latest oil monitoring report of the Energy department.