The country’s oil firms cut pump prices anew by P0.75 per liter for kerosene, P0.70 per liter for diesel and P0.35 per liter for gasoline to reflect the movement of oil prices in the world market.
“PTT Philippines to implement the following price rollbacks effective 6am Tuesday, April 7, 2020: Gasoline, P0.35/liter and diesel, P0.70/liter,” PTT Philippines said.
Other companies that also cut pump prices include Pilipinas Shell Petroleum Corp., Seaoil Philippines, PetroGazz, Flying V, among others.
Unioil Philippines announced in its advisory over the weekend it expects fuel prices to go down for the week of April 7 to 13.
“Diesel should go down around P0.70 per liter. Gasoline should go down around P0.35 per liter,” the company said.
This is the fifth weekly consecutive oil price rollback, reflecting the global slowdown in demand due to COVID-19.
World oil prices have been on a downtrend as countries become severely affected by the coronavirus (COVID-19), prompting demand to fall significant as people stay at home to avoid being infected.
“Looking forward, Asia’s oil demand is expected to see some recovery in the second half due to various stimulus measures introduced by various governments in the region and the outbreak starts to ease,” the Energy Department said in its monitoring report.
On March 31, the country’s oil firms cut the price of gasoline by P2 per liter, kerosene by P1.95 per liter and P0.50 per liter for diesel.
Last March 24, the oil firms cut the price of gasoline and kerosene by P3.50 per liter and diesel by P2 per liter.
On March 17, the oil companies implemented price rollbacks of P4.25 per liter for gasoline and diesel, and P4.35 to P4.50 per liter for kerosene.
A week before that, the oil firms also cut gasoline prices by P1.20 per liter, kerosene by P1.05 per liter and diesel by P0.75 per liter.
Year-to-date adjustments stand at a net decrease of P14.72 per liter for gasoline, P13.39 per liter for diesel and P18.20 per liter for kerosene, according to latest data from the Energy department.