LOCAL oil companies, for four consecutive weeks will implement significant price cuts on petroleum products effective today, Tuesday.
Petron Corporation, Pilipinas Shell and Chevron Philippines will implement uniform price cuts on diesel products at P2.00 per liter, gasoline by P1.60. per liter and kerosene by P2.45 per liter starting at 6 a.m.
PTT Philippines corporate communication officer Jhay Julian, in separate advisory said their company will also implement the same price adjustments on diesel and gasoline products, also at 6 a.m. today, along with Eastern Petroleum Seaoil, Unioil and Petro Gazz.
Earlier, Phoenix Petroleum reduced its prices of gasoline by P1.60 per liter and diesel by P2.00 per liter on Saturday morning while Clean Fuel implemented the same price adjustment at 4:01 p.m. on Sunday.
Energy sources said the slowing of oil demand of China due to the outbreak of novel corona virus acute respiratory disease (n-CoV ARD) dropped the crude prices on international oil market.