Big-time oil price rollback

March 16, 2020

MORE local oil firms will implement a big-time oil price rollback effective today.

In separate advisories,  Petron Corporation, Pilipinas Shell and Chevron Philippines announced  they will slash  gasoline  and diesel prices by P4.25 and   P4.35 for kerosene effective  6 a.m. today.

Independent oil firms PTT Philippines, Unioil Philippines, Eastern Petroleum, Total Philippines and Flying V also will also implement  cuts in their  oil products, except for Phoenix Petroleum which already adjusted rates  Sunday.  

Energy sources said the big-time rollback was due to the continued downtrend in trading of oil per barrel in the world market triggered by the  corona virus disease  and after the Saudi Arabia  launched a price war when Russia rejected the proposal of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production.