Oil refiner Petron Corp. implemented a price cut of as much as P4.50 per liter, one of the biggest oil price rollbacks to date effective 6 am March 17 (Tuesday) to reflect the movement of prices in the world oil market.
“Petron will implement the following price rollbacks effective 6 a.m. on March 17: P4.00 per liter for gasoline; P4 per liter for diesel; and P4.50 per liter for kerosene. These reflect movements in the international oil market,” Petron said.
Unioil Philippines and Pilipinas Shell also issued separate advisories of a price rollback of more than P4 per liter for next week from March 17 to 23, 2020.
“Diesel should go down more than P4 per liter. Gasoline should go down more than P4 per liter,” the company said.
On Friday, Phoenix Petroleum Philippines implemented a P3 per liter for diesel and gasoline.
“Even while trading in the international market is ongoing, Phoenix Petroleum Philippines will implement a decrease in the Phoenix Petroleum Philippines will implement a decrease in the prices of diesel and gasoline by P3 per liter effective 12 noon 13 March 2020,” Phoenix said in its advisory.
Kenneth Pundanera, Unioil Philippines president, earlier said consumers may expect another round of price rollback next week after the alliance between the Organization of Petroleum Exporting Countries led by Saudi Arabia broke apart.
Saudi Arabia wanted to continue to tighten supply to prop up world oil prices to stem the impact of the coronavirus on global economies. Russia refused thus Riyadh implemented a huge price cut in crude prices, causing market pandemonium.
On March 7,9 and 10, most of the oil companies implemented a price rollback of P1.20 per liter for gasoline, P0.75 per liter for diesel and P1.05 per liter for kerosene.
Global economies are reeling from the impact of the coronavirus which has severely affected air travel, shipping, and other businesses worldwide.
Year-to-date adjustments stand at a net decrease of P5.10 per liter for gasoline, P6.75 per liter for diesel and P8.30 per liter for kerosene.