Consumers can expect an oil price rollback of as much as P1.20 per liter this week to reflect the movement of price in the world market amid the ongoing coronavirus pandemic.
“Expect fuel prices to go down next week (April 21 to April 27). Diesel should go down by P1.10 to P1.20 per liter. Gasoline should go down by P0.50 - P0.60 per liter,” Unioil Philippines said in its weekly price forecast.
World oil prices plunged last week as traders are not convinced that the production cut implemented by the Organization of Petroleum Exporting Countries will offset the huge slowdown in global demand due to COVID-19.
World oil prices went up slightly shortly after OPEC and its allied countries agreed to cut production by about a tenth of global oil supply.
On April 14, the oil firms raised the price of gasoline by P0.55 per liter and diesel by P0.15 per liter but cut the price of kerosene by P0.20 per liter.
Meanwhile, The Energy department lauded the downstream oil industry’s continued support to the national government’s COVID-19 response efforts.
“We commend our downstream oil industry for tirelessly providing much-needed assistance to their employees, clientele, and the general public, most especially to our frontliners, our present-day heroes. Now more than ever, we must stand as a united people. For us to heal as one, we must fight the pandemic as one,” Energy Secretary Alfonso Cusi said.
Oil industry players immediately extended their respective corporate social responsibility programs following the issuance of Republic Act No. 11469, or the “Bayanihan to Heal as One Act” that would adopt and implement measures to address the current national health emergency.
Among the oil companies that extended COVID-19 CSR response measures are Petron Corp., Pilipinas Shell Petroleum Corp., Chevron Philippines Inc., Phoenix Petroleum Inc., Seaoil Philippines, Unioil Petroleum Philippines, Total Corp.-Philippines, Clean Fuel Philippines, Jetti Petroleum Inc., Pryce Gases Inc., and Isla Gas Philippines.
Cusi said the oil firms’ assistance included donations of protective medical equipment and gear, provision of free fuel to frontliners, fuel discounts and subsidies, and partnerships with transport service providers.
For example, Petron, through SMC Infrastructure, partnered with the Transportation department to provide fuel subsidies to bus units participating in the agency’s Free Ride for Health Workers Program.
The fuel subsidy is worth P1.89 million and each bus unit is allowed to avail a maximum of 50 liters per day.
The three Petron stations assigned to accommodate buses participating in the Petron Fuel Subsidy are: Pacific Rim Corner Commerce Avenue Filinvest, Muntinlupa; Petron Timog Ave. cor. Sgt. Esguerra, South Triangle, Quezon City; and EDSA/Sierra Madre in Mandaluyong City.
Cleanfuel also partnered with the department for the Free Bus Ride for Health Workers Program while
Seaoil Philippines pledged to provide until free fuel worth P405,000 to bus units ferrying medical frontliners until April 30.
Phoenix Petroleum and Total Philippines also provided fuel subsidies for bus units participating in the free ride program for medical frontliners.
Phoenix Petroleum has agreed to provide 50 liters of fuel daily to 60 private bus units participating in the free ride program while Unioil offered discounts to health care workers, Philippine National Police and military personnel, and local government units.
Cusi encouraged other members of the downstream oil industry to pursue similar activities, which would go a long way in the country›s battle against the disease.