Phoenix Petroleum Philippines announced a price rollback of P3 per liter of diesel and gasoline effective at 12 noon on March 13.
READ: Phoenix sets off another oil price cut: P1.20/liter
“Even while trading in the international market is ongoing, Phoenix Petroleum Philippines will implement a decrease in the prices of diesel and gasoline by P3 per liter effective 12 noon 13 March 2020,” Phoenix said in its advisory.
The other oil companies are expected to follow suit.
Meanwhile, the Food and Drug Administration on Friday warned all online sellers that overpricing essential emergency medicines and supplies are not allowed.
The FDA said the online selling of any of its listed emergency medical supplies that are beyond the price ceiling/range set in the Department of Health’s earlier memorandum is “prohibited”.
Kenneth Pundanera, Unioil Philippines president, earlier said consumers may expect another round of price rollbacks next week after the alliance between the Organization of Petroleum Exporting Countries led by Saudi Arabia broke apart.
Saudi Arabia wanted to continue to tighten supply to prop up world oil prices to stem the impact of the coronavirus on global economies.
When Russia refused, Riyadh implemented a huge price cut in crude prices, causing market pandemonium.
On March 7, 9 and 10, most of the oil companies implemented a price rollback of P1.20 per liter of gasoline, P0.75 per liter of diesel and P1.05 per liter of kerosene.
The world’s economies are reeling from the impact of the coronavirus, which has severely affected air travel, shipping, and other businesses worldwide.
The year-to-date adjustments stand at a net decrease of P5.10 per liter of gasoline, P6.75 per liter of diesel and P8.30 per liter of kerosene.
READ: Oil price rollback on 4th straight week