Another round of oil price cuts

April 06, 2020

OIL prices continue to go down following the announcement of another round of price cuts by major and independent firms effective today, Tuesday.

Major oil firms Petron Corporation, Pilipinas Shell and Chevron Philippines in separate advisories said they would roll back their respective prices of gasoline by P 0.35 centavos per liter, diesel by P0.70 centavos per liter and kerosene by P0.75 centavos per liter effective at 6 a.m. today.

Independent oil companies PTT Philippines, Sea Oil, Petro Gazz, Eastern Petroleum, Unioil Philippines, Phoenix Petroleum and Flying V also rolled back their pump prices of diesel and gasoline by the same level, also at 6 a.m. today.

PTT Philippines Communication Officer Jhay Julian said collectively, oil companies have now reduced petroleum products prices six times since March 2, prior to the government’s declaration of enhanced community quarantine in the entire Luzon.

Other firms have yet to announce adjustments of prices although they would likely follow suit if the past few weeks are any indication.

Energy sources said domestic pump prices continue to fall as a result of the effects of weak global demand for petroleum due to COVID-19.