Oil price rollback on March 10 as global prices plunge
MANILA, Philippines – Consumers will experience lower prices of oil for another week, as oil-producing countries continue to argue over balancing demand and supply amid the spread of the novel coronavirus worldwide.
In separate advisories, Petron, Total, Petro Gazz, Seaoil, Cleanfuel, and Phoenix Petroleum said they will reduce prices of gasoline by P1.20 per liter and diesel by P0.75 per liter.
Companies that offer kerosene will slash prices by P1.05 per liter.
Most companies will implement the new rates on Tuesday, March 10. Cleanfuel already reduced prices last Sunday, March 8, while Phoenix Petroleum was the first to lower prices on Saturday, March 7. (READ: As demand crunch deepens, how far can oil plummet?)
As of last week, year-to-date adjustments stood at a net decrease of P3.90 per liter for gasoline, P6 per liter for diesel, and P7.24 for kerosene.
Global oil markets plunged almost a third on Monday, the biggest recorded drop since the 1991 Gulf War.
The decline was due to Saudi Arabia slashing prices in a battle for market share after Russia rejected the proposal of the Organization of the Petroleum Exporting Countries to slash output. – Rappler.com