Oil firms cut prices today

March 16, 2020

MORE local oil firms will implement another big-time price rollback on their petroleum products effective today, Tuesday.

Oil giants Petron Corporation, Pilipinas Shell and Chevron Philippines in their separate advisory will enforce rollbacks amounting to P4.25 centavos per liter on gasoline and diesel and P4.35 centavos per liter on kerosene effective at 6 a.m. today.

Independent oil firms PTT Philippines, Unioil Philippines, Eastern Petroleum, Total Philippines and Flying V also cut their pump prices of diesel and gasoline by the same levels today at 6 a.m. which is bigger than P1 per liter being implemented by Phoenix Petroleum Philippines last Saturday.

Other oil firms have yet to announce their respective price adjustments but they are expected to follow suit.

Energy sources said the hefty price cut on local petroleum products was due to the continued downtrend on trading of oil per barrel in the world market triggered by the worldwide novel corona virus disease (COVID) 19.