Petron Corp. will implement a P3.90-per-kilo rollback or P42.90 per 11-kilogram tank of liquefied petroleum gas effective 12:01 am on March 2.
Petron will likewise cut Auto LPG prices by P2.20 per liter, saying “These reflect the international contract price of LPG for the month of March.
Other oil companies are expected to follow suit.
Over the weekend, Phoenix Petroleum Philippines led the latest oil price rollback of as much as P1.60 per liter effective 6 am on Saturday.
“Phoenix Petroleum Philippines will decrease the prices of diesel by P1.60 per liter and gasoline by P1.40 per liter effective 6 am of 29 February 2020,” the company said in its advisory.
READ: Oil price cut: Diesel cheaper by P2/liter
Unioil Philippines forecasts that fuel prices will go down next week by P1.60 to P1.70 per liter of diesel and P1.30 to P1.40 per liter of gasoline.
Other oil companies were expected to follow suit.
World oil prices slumped last week amid concerns that the coronavirus will affect the global economy. The coronavirus outbreak has already affected air travel, shipping and other businesses worldwide.
On Feb. 25, most of the oil companies implemented a price increase on petroleum products as world oil prices recovered slightly due to optimism that the virus in China has started to be contained.
The oil firms raised the price of gasoline by P0.30 per liter, diesel by P0.20 per liter and kerosene by P0.35 per liter.
The year-to-date adjustments stand at a net decrease of P2.50 per liter of gasoline, P4.40 per liter of diesel and P5.59 per liter of kerosene, according to the latest data from the Energy department.
READ: More oil firms slash pump prices by as much as P0.40 per liter