AFTER two independent oil firms implemented  price cuts on their gasoline and diesel products over the weekend, more  oil companies will implement big-time rollbacks of their pump prices effective today.

Petron Corporation, Pilipinas Shell and Chevron Philippines in their separate advisories stated they will reduce their gasoline prices by P1.40, kerosene by P1.65 and P1.60 for diesel effective  6 a.m.

Independent oil firms PTT Philippines, Seaoil, Unioil Philippines, Eastern Petroleum, Total Philippines, Petro Gazz and Flying V will also  implement similar price adjustment of their oil products.

Earlier, Phoenix Petroleum Philippines slashed gasoline prices by P1.40 per liter and diesel by P1.60 effective Saturday around 6 a.m., followed by Clean Fuel with the same price adjustments Sunday around 4 p.m.

The global oil demand of crude oil was affected after several countries implemented travel bans due to the corona virus scare.